TCRLA_Public/070815.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    L A T I N   A M E R I C A

          Wednesday, August 15, 2007, Vol. 8, Issue 161

                          Headlines

A R G E N T I N A

AGROTERM SA: Trustee Filing Individual Reports on Oct. 24
GRANDES TRANSPORTES: Trustee Will File Reports on Sept. 18
HOLTER SRL: Proofs of Claim Verification Deadline Is Sept. 27
JOTA K: Proofs of Claim Verification Deadline Is Aug. 23
METROGAS: AES Gener Unit Files Suit Over Gas Supply

MODIGLIANI SRL: Proofs of Claim Verification Is Until Oct. 3
PLUVIA SA: Proofs of Claim Verification Ends on Oct. 15
TELECOM ARGENTINA: Deutsche Bank Upgrades Firm's Shares to Buy
TENNECO INC: Will Complete Financial Restatement by Aug. 14


B A H A M A S

JETBLUE AIRWAYS: Fitch Affirms Junk Rating on Senior Notes


B E R M U D A

ARCH CAPITAL: Files Countersuit Against General Reinsurance
CRIMEA INC: Proofs of Claim Must be Filed by Aug. 22
CRIMEA INC: Will Hold Final Shareholders Meeting on Aug. 22
ELAN CORP: Dr. Lars Ekman to Assume Adviser Role on Dec. 31
GRIMSBY INSURANCE: Sets Final General Meeting for Aug. 22

J.P. MORGAN: Schedules Final General Meeting on Sept. 4
MAN MAC: Creditors Must File Proofs of Claim by Aug. 22
MONTPELIER RE: Discloses Developments of U.S. Trading Platform
WALTON INSURANCE: Creditors Must File Claim Forms by Oct. 26


B O L I V I A

* BOLIVIA: State Firm Forming JV with Petroleos de Venezuela
* BOLIVIA: Foreign Oil Cos. Has Until Aug. 20 to Submit Reports


B R A Z I L

BRASIL TELECOM: Cuts Multimedia Messages Prices by 50%
CONSTRUTORA NORBERTO: Fitch Puts BB+ Rtg. on US$200.4-Mil. Bonds
ELETROPAULO METROPOLITANA: Earns BRL340 Million in Second Qtr.
GOL LINHAS: Strong Cash Flow Cues Fitch to Affirm BB+ Ratings
NRG ENERGY: Closes Phase II of Capital Allocation Plan

SANYO ELECTRIC: Share Price Falls Due to Sellout Reports
SYNIVERSE TECHNOLOGIES: Inks US$464 Million Amended Credit Pact
TAM SA: Fitch Affirms BB Rating on US$300 Million Senior Notes
TECUMSEH PRODUCTS: Adds Three New Members to Board of Directors
TELEMIG CELULAR: Moody's Reviews B2 Rating for Possible Upgrade

WARNER MUSIC: Mulls Going Private & Other Options, Report Says

* BRAZIL: State Firm Fails to Deliver Enough NatGas for Plants
* BRAZIL: Central Bank Holding Auction to Buy US Dollars
* BRAZIL: Obtains US$500,000 Loan for Portais da Cidade Program


C A Y M A N   I S L A N D S

336275 LIMITED: Proofs of Claim Filing Is Until Sept. 6
ALPHAGEN ABSOLUS: Proofs of Claim Filing Ends on Sept. 6
AMB BLACKPINE: Proofs of Claim Must be Filed by Sept. 3
ASSET BACK: Proofs of Claim Filing Deadline is Aug. 23
AVALON LTD: Fitch Lifts Long Term Credit Ratings to BB+

CATLEIA OIL: Proofs of Claim Filing Is Until Aug. 22
CONTEL PAGE: Proofs of Claim Filing Ends on Aug. 31
CREAFIN FUND: Proofs of Claim Filing Deadline Is Aug. 25
CYGNUS ASSET: Proofs of Claim Must be Filed by Aug. 28
EACM SELECT: Proofs of Claim Filing Is Until Aug. 28

FRONTIER IV: Proofs of Claim Must be Filed by Aug. 26
GSO CALMET: Proofs of Claim Filing Ends on Aug. 17
IVY MA: Proofs of Claim Filing Deadline Is Aug. 17
IVY MA HOLDINGS: Proofs of Claim Must be Filed by Aug. 17
IVY PARTNERS: Proofs of Claim Filing Is Until Aug. 23

JAPAN ADVISORY: Proofs of Claim Filing Ends on Aug. 31
LEVERAGED FUND: Proofs of Claim Must be Filed by Aug. 29
LEVERAGED FUND: Sets Last Shareholders Meeting for Sept. 5
MERCOSUR OPPORTUNITY: Proofs of Claim Filing Is Until Sept. 3
SYSTEIA ALTERNATIVE: Proofs of Claim Filing Ends on Aug. 31

WESTROCK LTD: Proofs of Claim Filing Deadline Is Sept. 3


C H I L E

AES GENER: Sues Metrogas for Breaching NatGas Supply Contracts


C O L O M B I A

* COLOMBIA: Investing COP20 Bil. in Ethanol & Biodiesel Projects


C O S T A   R I C A

CINEMARK HOLDINGS: Earns US$47.9 Mil. in Quarter Ended June 30
CINEMARK HOLDINGS: Initiates Quarterly Dividend Policy
DENNY'S CORP: M. Jenkins Leaves SVP & Chief Mktg. Officer Posts


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: Puts Cap on Ethanol Production


E C U A D O R

GEOKINETICS INC: Incurs US$14.2 Million Net Loss in Second Qtr.


E L   S A L V A D O R

ALCATEL-LUCENT: Dresdner Kleinwort Upgrades Firm to Hold


M E X I C O

ADVANCED MICRO: S&P Rates US$1.5 Bil. Sr. Convertible Notes at B
BALLY TOTAL: Wants to Amend Joint Prepackaged Chapter 11 Plan
BENQ CORP: Denies Report on Design Center Spin-Off
BENQ CORP: Prager Claims Another EUR26 Mil. as Employees Bonus
PRIDE INT'L: Selling Three Fleets to Ferncliff for US$213 Mil.


P A N A M A

BANCO LATINOAMERICANO: Inks Joint-Venture Deal with FIMBank


P A R A G U A Y

AGILENT TECHNOLOGIES: Inks Agreement to Acquire NetworkFab
TELECOM PERSONAL: Investing US$25 Mil. in 3G Network This Year


P U E R T O   R I C O

FOOT LOCKER: Declares US$0.125 Per Share Quarterly Dividend
HORIZON LINES: Completes Capital Refinancing Transaction Series
MENNONITE GENERAL: Fitch Lifts US$43.2-Mil. Bonds' Rating to BB-
NEWCOMM WIRELESS: Files Disclosure Papers in Puerto Rico Court


U R U G U A Y

HSBC URUGUAY: Fitch Lifts Foreign Currency IDR to BB+ from BB


V E N E Z U E L A

PETROLEOS DE VENEZUELA: Forming Company with Bolivian Firm
TIMKEN COMPANY: Moody's Affirms Ba1 Medium Term Notes Rating

* VENEZUELA: Selling US$1.5 Billion of Dollar Bonds This Week
* Upcoming Meetings, Conferences and Seminars


                            - - - - -

=================
A R G E N T I N A
=================


AGROTERM SA: Trustee Filing Individual Reports on Oct. 24
---------------------------------------------------------
Juan Angel Fontecha, the court-appointed trustee for Agroterm
S.A.'s bankruptcy proceeding, will present the validated proofs
of claim in court as individual reports on Oct. 24, 2007.

Mr. Fontecha verifies creditors' proofs of claim until
Sept. 12, 2007.  The National Commercial Court of First Instance
in Buenos Aires will determine if the verified claims are
admissible, taking into account the trustee's opinion, and the
objections and challenges that will be raised by Agroterm and
its creditors.  Inadmissible claims may be subject for appeal in
a separate proceeding known as an appeal for reversal.

A general report that contains an audit of Agroterm's accounting
and banking records will be submitted in court on Dec. 5, 2007.

Mr. Fontecha is also in charge of administering Agroterm's
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

          Juan Angel Fontecha
          Tucuman 1455
          Buenos Aires, Argentina


GRANDES TRANSPORTES: Trustee Will File Reports on Sept. 18
----------------------------------------------------------
Carlos Chiozzi, the court-appointed trustee for Grandes
Transportes del Noroeste S.R.L.'s bankruptcy proceeding, will
file individual reports in the national Commerciall Court of
First Instance in Salta on Sept. 18, 2007.

Mr. Chiozzi verified creditors' proofs of claim until
Aug. 1, 2007.

A general report that contains an audit of Grandes Transportes'
accounting and banking records will be submitted in court on
Oct. 29, 2007.

Mr. Chiozzi is also in charge of administering Grandes
Transportes' assets under court supervision and will take part
in their disposal to the extent established by law.

The debtor can be reached at:

          Grandes Transportes del Noroeste S.R.L.
          Arturo Davalos 420, Soledad
          Salta, Argentina

The trustee can be reached at:

          Carlos Chiozzi
          Rivadavia 1232, Ciudad de Salta
          Salta, Argentina


HOLTER SRL: Proofs of Claim Verification Deadline Is Sept. 27
-------------------------------------------------------------
Eduardo Ruben Browsky, the court-appointed trustee for Holter
SRL's bankruptcy proceeding, verifies creditors' proofs of claim
Sept. 27, 2007.

Mr. Browsky will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 2 in Buenos Aires, with the assistance of Clerk No.
4, will determine if the verified claims are admissible, taking
into account the trustee's opinion, and the objections and
challenges that will be raised by Holter and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Holter's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Mr. Browsky is also in charge of administering Holter's assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

          Holter SRL
          Avenida Cabildo 2569
          Buenos Aires, Argentina

The trustee can be reached at:

          Eduardo Ruben Browsky
          Parana 480
          Buenos Aires, Argentina


JOTA K: Proofs of Claim Verification Deadline Is Aug. 23
--------------------------------------------------------
Susana Teresa Cormons, the court-appointed trustee for Jota K
S.R.L.'s bankruptcy proceeding, verifies creditors' proofs of
claim Aug. 23, 2007.

Ms. Cormons will present the validated claims in court as
individual reports on Sept. 10, 2007.  The National Commercial
Court of First Instance in Rafaela, Santa Fe, will determine if
the verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Jota K and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Jota K's accounting
and banking records will be submitted in court on Oct. 8, 2007.

Ms. Cormons is also in charge of administering Jota K's assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

          Jota K S.R.L.
          Octavio Zobboli 1370, Rafaela
          Santa Fe, Argentina

The trustee can be reached at:

          Susana Teresa Cormons
          Santa Fe 742, Rafaela
          Santa Fe, Argentina


METROGAS: AES Gener Unit Files Suit Over Gas Supply
---------------------------------------------------
Metrogas is facing a lawsuit from AES Gener's subsidiary
Electrica Santiago for allegedly failing to meet natural gas
supply contracts at the Nueva Renca thermo plant, Business News
Americas reports.

Electrica Santiago General Manager Rodrigo Osorio Borquez said
in a filing with the Chilean security regulator that the firm
will seek financial damages.  

Mr. Borquez admitted to BNamericas that he couldn't quantify
damages as natural gas was still not being delivered.

"Metrogas received natural gas in June and July of 2007 that was
property of Electrica Santiago.  They distributed it to others,
failing to meet their obligations to the Nueva Renca plant and
forcing it to incur heavy costs to satisfy its generation
obligations for Chile's central SIC grid," Mr. Osorio commented
to BNamericas.

                       About AES Gener

AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line.  Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                       About Metrogas

Headquartered in Buenos Aires, Argentina, Metrogas SA
-- http://www.metrogas.com.ar/-- distributes gas to Buenos    
Aires and southern and eastern greater metropolitan Buenos
Aires.  The Company has a 35-year concession that began in 1992
to provide natural gas in this area.  The concession is
renewable for an additional 10 years.  Metrogas supplies some 2
million customers in Buenos Aires through 15,840 km of
pipelines, representing about 26% of all gas retailed in
Argentina.   Metrogas is 45% owned by a subsidiary of UK gas
production company BG Group and 26% owned by a unit of Spanish
oil company Repsol YPF.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 2, 2007, Moody's Investors Service upgraded Metrogas S.A.
debt ratings to Caa1 from Caa2 and the national scale rating to
Ba1.ar from B1.ar.  Moody's said the outlook was stable.


MODIGLIANI SRL: Proofs of Claim Verification Is Until Oct. 3
------------------------------------------------------------
Mariela Fernanda Agesta, the court-appointed trustee for
Modigliani S.R.L.'s bankruptcy proceeding, verifies creditors'
proofs of claim Oct. 3, 2007.

Ms. Agesta will present the validated claims in court as
individual reports on Nov. 14, 2007.  The National Commercial
Court of First Instance in Buenos Aires will determine if the
verified claims are admissible, taking into account the
trustee's opinion, and the objections and challenges that will
be raised by Modigliani and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Modigliani's
accounting and banking records will be submitted in court on
Dec. 27, 2007.

Ms. Agesta is also in charge of administering Modigliani's
assets under court supervision and will take part in their
disposal to the extent established by law.

The trustee can be reached at:

          Mariela Fernanda Agesta
          Esmeralda 625
          Buenos Aires, Argentina


PLUVIA SA: Proofs of Claim Verification Ends on Oct. 15
-------------------------------------------------------
Carlos Berger, the court-appointed trustee for Pluvia SA's
bankruptcy proceeding, verifies creditors' proofs of claim
Oct. 15, 2007.

Mr. Berger will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 3 in Buenos Aires, with the assistance of Clerk
No. 6, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections
and challenges that will be raised by Pluvia and its creditors.

Inadmissible claims may be subject for appeal in a separate
proceeding known as an appeal for reversal.

A general report that contains an audit of Pluvia's accounting
and banking records will be submitted in court.

La Nacion didn't state the reports submission deadlines.

Mr. Berger is also in charge of administering Pluvia's assets
under court supervision and will take part in their disposal to
the extent established by law.

The debtor can be reached at:

          Pluvia SA
          Establecida en Alvarado 2449
          Buenos Aires, Argentina

The trustee can be reached at:

          Carlos Berger
          Santiago del Estero 112
          Buenos Aires, Argentina


TELECOM ARGENTINA: Deutsche Bank Upgrades Firm's Shares to Buy
--------------------------------------------------------------
Deutsche Bank said in a statement that it has upgraded Telecom
Argentina's shares to "buy" from "hold" due to the recent
weakness in the price of the stock.

Business News Americas relates that Deutsche Bank maintained
Telecom Argentina's target price at US$28 per American
Depository Receipt.

Deutsche Bank said in a statement, "We have updated our
forecasts based on the company's second quarter performance and
as a result we are increasing our revenue estimates by about 3%,
to US$2.9 billion for 2007 and to US$3.3 billion for 2008."

"The increase is based on higher revenues from wireless and
local services, offsetting lower revenues from data and internet
segments," BNamericas states, citing Deutsche Bank.

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- is the fixed-line
operator for local and long-distance services in northern and
southern Argentina.  It also provides cellular and PCS phone
services in Argentina, as well as in Paraguay through a 68%
stake in Nocleo.  France Telecom formerly controlled the company
through its Nortel Inversora venture with Telecom Italia.
France Telecom sold most of its stake in 2003 to the Werthein
Group, an Argentine agricultural concern owned in part by vice
chairman Gerardo Werthein.  Nortel continues to be Telecom
Argentina's largest shareholder with a 55% stake.  Nortel is
owned by Sofora, a consortium owned by Telecom Italia (50%), the
Werthein Group (48%), and France Telecom (2%).

                        *     *     *

As reported on Oct 11, 2006, Standard & Poor's Ratings Services
raised Telecom Argentina S.A.'s counterparty credit rating to
B+/Stable/ from B/Stable following the upgrade of the Republic
of Argentina to 'B+' from 'B'.


TENNECO INC: Will Complete Financial Restatement by Aug. 14
-----------------------------------------------------------
Tenneco Inc. plans to complete the restatement of its financial
statements by Aug. 14, 2007.  The company will restate its
reported financial results to correct the accounting for
interest rate swaps that the company entered into in 2004.  

The restatement will also reflect other accounting adjustments,
well as the results of Tenneco's reconciliation of its deferred
tax balances.  The restatement will impact the years ended
Dec. 31, 2004, 2005 and 2006 and the quarters ended
March 31, 2006, and 2007, June 30, 2006, and Sept. 30, 2006.
    
Tenneco plans to file an amendment to its Form 10-K for the year
ended Dec. 31, 2006, and an amendment to its Form 10-Q for the
quarter ended March 31, 2007, immediately prior to filing its
Form 10-Q for the quarter ended June 30, 2007.
    
Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) --
http://www.tenneco.com/-- manufactures automotive ride and  
emissions control products and systems for both the original
equipment market and aftermarket.  Brands include Monroe(R),
Rancho(R), and Fric Rot ride control products and Walker(R) and
Gillet emission control products.  The company has operations in
Argentina, Japan, and Germany.

                        *     *     *

As reported in the Troubled Company Reporter on April 2, 2007,
Standard & Poor's Ratings Services affirmed its loan and
recovery ratings on Tenneco Inc.'s senior secured first-lien
bank facilities, after changes to the size of individual
facilities.  These ratings were assigned: BB-/Stable/B-1 on
corporate credit rating; BB (recovery rating: 1) on $830M senior
secured credit facilities; and Class M-3 downgraded to 'C/DR4'
from 'CC/DR4'.




=============
B A H A M A S
=============


JETBLUE AIRWAYS: Fitch Affirms Junk Rating on Senior Notes
----------------------------------------------------------
Fitch Ratings affirmed the debt ratings of JetBlue Airways Corp.
as:

-- Issuer Default Rating at 'B'

-- Senior unsecured convertible notes at 'CCC' with a recovery
    rating of 'RR6'

The senior unsecured rating applies to US$425 million of
outstanding convertible notes.  The Rating Outlook is Stable.

Ratings for JBLU reflect the low-cost carrier's highly levered
capital structure and weak free cash flow generation capacity,
balanced against its competitive cost structure, improving
operating profile and fleet plan flexibility in an industry that
remains highly vulnerable to over-capacity, demand shocks and
very high energy costs.  Because of its rapid growth-from the
start of operations in 2000 to 130 aircraft in service today,
JBLU's credit profile has been under pressure, especially since
the dramatic run-up in jet fuel prices that began in 2004.

High growth rates have necessitated heavy aircraft capital
expenditures, absorbing operating cash flow and pushing leverage
higher.  Eventhough JBLU's low-cost, non-union model should
allow it to generate industry-leading margins for some time to
come, credit metrics will likely remain weak as new aircraft
deliveries are financed with incremental debt and leases.

Management has signaled its willingness to slow growth in 2H07
and next year by reducing the number of Embraer E190 jets
introduced into service, and by selling some Airbus A320s in the
secondary aircraft market.  A similar approach was taken last
year when JBLU sold five A320s to help it reduce the available
seat mile growth rate.  On July 24, management announced the
sale of three more A320s and the deferral of 16 E190 deliveries
from the 2007-2012 period to 2013 and beyond.  Fitch regards
this as a positive development, setting the stage for reduced
financing needs and somewhat stronger liquidity moving into
2008.

Following a difficult winter, during which severe storms
affecting the Northeast brought JBLU's operation to a virtual
halt for several days in February, the airline's performance
rebounded in Q2 as somewhat slower ASM growth and the
introduction of the 100-seat E190 aircraft in new markets pushed
JBLU's passenger RASM up by 5.4% versus Q206.  The strong
revenue performance came in spite of some softness in demand
during April and May as slower U.S. economic growth undermined
the ability of U.S. carriers to push fares higher.  At the same
time, high jet fuel costs have continued to pressure operating
margins, with increases in crude oil prices and refining margins
pushing spot jet fuel to above US$2.20 per gallon by early
August.

As JBLU matures as an organization, it is taking a more
disciplined approach to route profitability analysis and
capacity planning.  Slower growth will have a positive impact on
free cash flow and will bolster liquidity-both positive from a
credit quality perspective.  Management has emphasized the
importance of fleet plan flexibility as a tool in coping with
changing operating conditions.  In addition to the advantages
JBLU enjoys as a result of its low-cost, non-union model, the
carrier's ability to pull back on aircraft capital spending in
response to weak operating conditions represents an important
credit safety valve.

In addition to fuel price pressure, JBLU's unit operating costs
have been increasing as a result of the introduction of the
shorter-haul E190 aircraft into the fleet and by rising
maintenance costs.  For the full year 2007, JBLU expects non-
fuel operating cost per ASM to be up 6% to 8%.  Fitch expects
non-fuel unit cost pressure to persist moving into 2008, though
year-over-year increases should moderate as operational
challenges related to the E190 launch are addressed.  Through
Q2, management was reporting improvement in the dispatch
reliability and utilization of the E190, helping to ease cost
pressure while opening up new potential markets for the E190
elsewhere in the JBLU route network.

Although Q2 finished strongly and the advanced booking outlook
for Q3 is good, competitive conditions in domestic markets
remain tough.  Legacy carriers have pulled back on domestic ASM
growth plans for 2H07 and 2008, but low-cost carrier seats are
still being added across the JBLU system.  The most notable
change in the capacity picture will occur in transcon markets to
be served by Virgin America, which launched its operation on
Aug. 8.  Virgin will enter a number of long haul and short haul
markets to be served from its San Francisco hub, and it will
compete directly with JBLU on JFK service to the Bay Area and
the Los Angeles Basin.  Fitch expects competitive fare pressure
in transcon, Florida and Caribbean markets to continue into next
year-especially in a slower-growth U.S. economic scenario.

As of June 30, 2007, JBLU's liquidity consisted of US$772
million of cash, cash equivalents and investment securities,
augmented by US$55 million in availability on a US$77 million
facility to cover aircraft pre-delivery deposits.  Unrestricted
liquidity at June 30 represented 29.7% of latest 12-month
revenues.  JBLU has no revolver in place, but the carrier has
had consistent access to the debt capital markets in financing
both A320 and E190 aircraft entering the fleet.

The potential sale of additional A320s in the secondary market
represents an important supplemental source of liquidity that
could become more critical if industry operating conditions
deteriorate and credit market tightness persists in 2008.
Scheduled debt maturities for the second half of 2007 total
US$103 million, with US$240 million coming due in 2008.  In
addition, the US$175 million 3.5% convertible note issue in
JBLU's debt structure includes a put option that could force
repurchase of the notes on July 15, 2008.  New debt issuance may
be required in anticipation of this repurchase if the airline is
to maintain its current liquidity position.

Based in Forest Hills, New York, JetBlue Airways Corp.
(Nasdaq:JBLU) -- http://www.jetblue.com/-- provides passenger  
air transportation services primarily in the United States.  As
of Feb. 14, 2006, the company operated approximately 369 daily
flights serving 34 destinations in 15 states, Bermuda, Puerto
Rico, the Dominican Republic, and the Bahamas.  The Company also
provides in-flight entertainment systems for commercial
aircraft, including live in-seat satellite television, digital
satellite radio, wireless aircraft data link service, and cabin
surveillance systems and Internet services, through its wholly
owned subsidiary, LiveTV, LLC.




=============
B E R M U D A
=============


ARCH CAPITAL: Files Countersuit Against General Reinsurance
-----------------------------------------------------------
Arch Capital Group Ltd. has countersued Berkshire Hathaway Inc.
unit General Reinsurance Corp. for alleged unfair trade
practices, Josh Hamilton at Bloomberg News reports.

Bloomberg News relates that General Reinsurance filed a lawsuit
against Arch Capital in the state court in Stamford,
Connecticut, in May 2007 for allegedly conspiring with four
former officials of a General Reinsurance unit "to steal trade
secrets for a new business at Arch Capital.  

General Reinsurance alleged that E-mails recovered from company
computers indicated that the four former executives connived "to
sell to the highest bidder the General Reinsurance business for
which they were responsible."

According to Bloomberg News, General Reinsurance sued Arch
Capital in the state court in Stamford, Connecticut, claiming
that the officials stole trade secrets for a new business at
Arch Capital.

Bloomberg News notes that Arch Capital said in its countersuit
that General Reinsurance filed the lawsuit to try to stop the
company from launching a competing business.  Arch Capital is
"seeking unspecified punitive damages and compensation for lost
profit."

General Reinsurance's general counsel Damon Vocke commented to
Bloomberg News that Arch Capital's counterclaim is just "an
attempt to deflect attention from their own words and actions."

The report says that General Reinsurance agreed before the court
in June 2007 to let Arch Capital solicit its customers, provided
it wouldn't use its trade secrets.  In May 2007, a judge issued
a temporary order restraining Arch Capital from making the
solicitation.

Arch Capital said that General Reinsurance "mischaracterized the
agreement to suggest to Arch Capital's customers and potential
clients that the restraining order was still effective,
according to Bloomberg News.

Arch Capital denied to Bloomberg News that it was aware of the
General Reinsurance officials plan to steal trade secrets from
their former employer.  According to Arch Capital, the
executives were not bound by employment contracts or non-
competition accords.

General Reinsurance and Arch Capital will appear in court on
Sept. 6, 2007, to discuss the June 2007 agreement.

                   About General Reinsurance

General Reinsurance is owned by General Re Corporation, a
subsidiary of Berkshire Hathaway Inc.  General Re is a holding
company for global reinsurance and related operations.  

                      About Arch Capital

Headquartered in Bermuda, Arch Capital Group Ltd. (NASDAQ: ACGL)
-- http://www.archcapgroup.bm-- is a public limited liability
company, which provides insurance and reinsurance on a worldwide
basis through operations in Bermuda, the United States, Europe
and Canada.  It provides a range of property and casualty
insurance and reinsurance lines, and focus on writing specialty
lines of insurance and reinsurance.  Arch Capital classifies its
business into two underwriting segments: reinsurance and
insurance.  The company's reinsurance operations are conducted
on a worldwide basis through its reinsurance subsidiaries, Arch
Reinsurance Ltd. and Arch Reinsurance Company.  The company's
insurance operations in Bermuda are conducted through Arch
Insurance (Bermuda), a division of Arch Re Bermuda, which has an
office in Hamilton, Bermuda.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Dec. 15, 2006, A.M. Best assigned these ratings on to Arch
Capital's debts:

   -- "bb+" from "bb" on US$200 million 8% non-cumulative
      Series A preferred shares; and

   -- to "bb+" from "bb" on US$125 million 7.875% non-cumulative
      Series B preferred shares.


CRIMEA INC: Proofs of Claim Must be Filed by Aug. 22
----------------------------------------------------
Crimea Inc.'s creditors are given until Aug. 22, 2007, to prove
their claims to Mr. Elvon Clarke, the company's liquidator, or
be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Crimea Inc.'s shareholders agreed on July 2, 2007, to place the
company into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

        Mr. Elvon Clarke
        20 Victoria Street
        Hamilton, Bermuda HM11


CRIMEA INC: Will Hold Final Shareholders Meeting on Aug. 22
-----------------------------------------------------------
Crimea Inc. will hold its final shareholders meeting on
Aug. 22, 2007, at 10:00 a.m., at:

          20 Victoria Street
          Hamilton, Bermuda HM11

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,
      and

   2) authorizing the liquidator to retain the records
      of the company for a period of three years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

          Mr. Elvon Clarke
          20 Victoria Street
          Hamilton, Bermuda HM11


ELAN CORP: Dr. Lars Ekman to Assume Adviser Role on Dec. 31
-----------------------------------------------------------
Elan Corporation plc said that Dr. Lars Ekman, current president
of research and development, member of the operating committee
and the board of directors, will transition from his current
operational role to become an adviser as a member of the board
of directors effective Dec. 31, 2007.

Dr. Ekman will continue to chair the Science and Technology
committee, which has as its charter to provide long-term
strategic guidance and input to the Chairman and CEO on matters
relating to Elan's research platform and portfolio.  Other board
members of the Science and Technology Committee include Dr.
Dennis Selkoe and Dr. Floyd Bloom.

During his transition through year-end, Dr. Ekman will remain an
integral part of the company's science, clinical development and
corporate activities and will continue as key senior
spokesperson for Elan as president of research and development.
Dr. Ekman will continue as co-chair on the joint steering
committee with Wyeth.

As the 2007 progresses, Dr. Ekman's focus and energies will
shift toward Elan's intermediate and long-term plans as he
dedicates his time to provide strategic advice to the Chairman
and the CEO in his continuing role as a member of the Board of
Directors.

Dr. Ekman joined Elan in January 2001 after holding a number of
senior executive positions in the pharmaceutical industry. His
leadership over the past seven years has been instrumental in
advancing Elan's pipeline.  During this period, Elan received
approval for four U.S. New Drug Applications; three European
Marketing Approval Applications; and five Investigational New
Drug Applications.  

"After nearly twenty-five years in multiple senior operational
roles, I look forward to devoting my time and energy to tackling
broader strategic issues.  As a Board member and Chairman of the
Science and Technology Committee, I will have the forum to do
so.  We have made great advancements in our pipeline and I look
forward to continuing to be intimately involved in the coming
years," Dr. Ekman stated.

"Lars has been an invaluable member of Elan's management team.
We are delighted and fortunate to have Lars remain on our Board,
and we look forward to his continued guidance, support and
leadership as we move this company forward," Kyran McLaughlin,
Chairman of the Board, commented.

"Lars is a truly unique individual and his contribution to Elan
has and will continue to be immeasurable. I have the highest
degree of respect and admiration for Lars from both a
professional as well as personal point of view.  I look forward
to working closely with Lars as a member of the Board for years
to come," Kelly Martin, Elan's president & CEO, added.

                      About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology   
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

The company has locations in Bermuda and Japan.

                        *     *     *

In April 2007, in connection with the implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the corporate families in the Gaming, Lodging and Leisure,
Manufacturing, and Energy sectors, Moody's Investors Service the
rating agency confirmed its B3 Corporate Family Rating for Elan
Corporation plc and assigned a B2 probability-of-default rating
to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  S&P said the
ratings outlook is stable.


GRIMSBY INSURANCE: Sets Final General Meeting for Aug. 22
---------------------------------------------------------
Grimsby Insurance Co. Ltd.'s final general meeting is scheduled
on Aug. 22, 2007, at 9:30 a.m., at:  

        Clarendon House, Church Street
        Hamilton, Bermuda  

These matters will be taken up during the meeting:  

    -- receiving an account showing the manner in which the  
       winding-up of the company has been conducted and its  
       property disposed of and hearing any explanation that  
       may be given by the liquidator;  

    -- determination by resolution the manner in which the  
       books, accounts and documents of the company and of the  
       liquidator shall be disposed; and  

    -- passing of a resolution dissolving the company.


J.P. MORGAN: Schedules Final General Meeting on Sept. 4
-------------------------------------------------------
J.P. Morgan Corsair II Capital Partners Bermuda Ltd.'s final
general meeting is scheduled on Sept. 4, 2007, at 9:30 a.m., at:

       Clarendon House, Church Street
       Hamilton, Bermuda

These matters will be taken up during the meeting:

    -- receiving an account showing the manner in which the
       winding-up of the company has been conducted and its
       property disposed of and hearing any explanation that
       may be given by the liquidator;

    -- determination by resolution the manner in which the
       books, accounts and documents of the company and of the
       liquidator shall be disposed; and

    -- passing of a resolution dissolving the company.


MAN MAC: Creditors Must File Proofs of Claim by Aug. 22
-------------------------------------------------------
Man Mac Vorab 6B Ltd.'s creditors are given until Aug. 22, 2007,
to prove their claims to Beverly Mathias, the company's
liquidator, or be excluded from receiving any distribution or
payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Man Mac's shareholders agreed on Aug. 6, 2007, to place the
company into voluntary liquidation under Bermuda's Companies Act
1981.

The liquidator can be reached at:

         Beverly Mathias
         c/o Argonaut Limited
         Argonaut House, 5 Park Road
         Hamilton HM O9, Bermuda


MONTPELIER RE: Discloses Developments of U.S. Trading Platform
--------------------------------------------------------------
Montpelier Re Holdings Ltd. has announced further progress in
the establishment of its U.S. presence.

Firstly, Montpelier announced that Montpelier Underwriting Inc.,
its wholly owned U.S. Managing General Agent, has been granted
Coverholder approval by Lloyd's and has begun to introduce
business to Montpelier Syndicate 5151.

Based in Hartford, Connecticut, MUI is the centerpiece of
Montpelier's growing U.S. insurance and reinsurance underwriting
platform.  The first binder granted to MUI by Syndicate 5151 is
for Property Brokerage Facultative reinsurance business.  This
division of MUI, headed by Paul Keefe as Senior Vice President,
will write property facultative business in the U.S. distributed
through reinsurance brokers.  Mr. Keefe has over thirty years of
profitable underwriting results to his credit, including the
last four years at Wellington (now Catlin) Underwriting Inc.

Secondly, Montpelier announced the purchase of a U.S. E&S
company through its indirect wholly owned subsidiary, Montpelier
Re U.S. Holdings Ltd.

Montpelier U.S. has entered into a Stock Purchase Agreement with
Gainsco Inc., a Texas corporation, for the acquisition of
General Agents Insurance Company of America, Inc..  General
Agents Insurance Company is a licensed admitted insurer in the
State of Oklahoma and is authorized as an excess and surplus
lines insurer in 37 states (38 states total).  Montpelier U.S.
is to acquire General Agents Insurance Company for a purchase
price of up to US$4.75 million, subject to possible adjustments,
plus the amount of policyholders' surplus that remains in
General Agents Insurance Company at closing.

Upon closing, Montpelier U.S. will rename the company Montpelier
U.S. Insurance Company (MUSIC).  MUSIC will write primarily
excess and surplus line insurance in the continental U.S., and
its underwriting operations will be based in Scottsdale,
Arizona.

Stan Kott, CEO of Montpelier's U.S. insurance operations, said:
"We are thankful for the confidence Lloyd's has expressed in our
operations by virtue of this Coverholder approval.  We are
excited to be able to underwrite business for Syndicate 5151 in
order to grow our overall U.S. platform.  Additionally, we are
delighted about the acquisition of General Agents Insurance
Company.  We are assembling a solid team of insurance
specialists with proven track records of success in this
business.  With the acquisition of what will become known as
MUSIC, we are that much closer to the realization of our plans.  
We are committed to developing a meaningful presence in the U.S.
reinsurance and insurance market through patient and expert
underwriting. Developing strong and deep relationships with our
clients and brokers is key to our strategy."

Dick Nenaber, who will become President of MUSIC, noted: "We are
pleased to have acquired an E&S company with so many state
authorizations.  Our team is being assembled and we hope to be
writing our first business before the end of the year.  My many
years of experience suggest that a slow and steady hand and
sticking to what one knows is a positive indicator in any
market."

Anthony Taylor, Chairman and CEO of Montpelier Re, said: "MUI's
attainment of Approved Coverholder status successfully completes
Montpelier's entrance into the Lloyd's market and represents a
significant vote of confidence by Lloyd's in the quality of Stan
Kott's management team.  The acquisition of General Agents
Insurance Company, meanwhile, will allow us to write specialist
areas of E&S business traditionally written by U.S. insurance
entities rather than through Bermuda or London insurers.  The
combination of these activities represents another portion of
Montpelier's strategic expansion.  Our growing U.S. trading
platform will allow Montpelier to diversify its portfolio while
remaining within its core competency of underwriting primarily
short-tail business."

Headquartered in Bermuda, Montpelier Re Holdings Ltd., through
its operating subsidiary Montpelier Reinsurance Ltd., is a
premier provider of global property and casualty reinsurance and
insurance products.  During the year ended Dec. 31, 2005,
Montpelier underwrote US$978.7 million in gross premiums
written.  Shareholders' equity at Dec. 31, 2005, was US$1.1
billion.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 19, 2006,
A.M. Best affirms these ratings on Montpelier Re Holdings:

Montpelier Re Holdings Ltd.

   -- "bbb-" on senior unsecured debt;
   -- "bb+" on subordinated debt; and
   -- "bb" on preferred stock.

   MRH Capital Trust I and II (guaranteed by Montpelier Re
   Holdings Ltd.)

   -- "bb" on preferred securities.


WALTON INSURANCE: Creditors Must File Claim Forms by Oct. 26
------------------------------------------------------------
Walton Insurance Limited's scheme creditors must submit a claim
form, along with supporting documents, to the company by 5:00
p.m. on Oct. 26, 2007, unless scheme creditors have already
filed a scheme voting form and marked that form as their claim
form.  Failure to file a claim form by the deadline will result
in scheme creditors receiving distributions under the scheme
equal to their agreed claims.

The Supreme Court of Bermuda authorized on July 20, 2007, the
scheme of arrangement between Walton Insurance and its scheme
creditors.  An office copy of the order was lodged with the
Registrar of Companies in Bermuda on June 21, 2007, and the
scheme became effective on that date.  

Claim forms have been forwarded to all Non-SVF Scheme creditors,
or those scheme creditors who didn't mark their scheme voting
form as their claim form by post.  Copies of the full text of
the scheme document, including the explanatory statement and
claim forms are also available free of charge at:

          Attention: Walton Scheme Administration
          Walton Insurance Limited
          26 Comet Street, St. Peter Port
          Guernsey, GY1 1LF, Channel Islands
          Fax No.: +44 1481 259 883
          E-mail: enquiries@waltonscheme.com
          Web site: http://www.waltonscheme.com

Scheme creditors who have marked their scheme voting form as
their claim form are able to amend or supplement their scheme
claim by submitting a new claim form, together with revised
supporting documentation.

Scheme creditors who submitted claim forms through e-mail or fax
must send an original signed copy of the documents to Walton
Insurance within three business days since the electronic copies
were received by the company, and no later than Oct. 31, 2007.




=============
B O L I V I A
=============


* BOLIVIA: State Firm Forming JV with Petroleos de Venezuela
------------------------------------------------------------
Bolivian state-owned oil firm Yacimientos Petroliferos Fiscales
Bolivianos will finalize a deal with Venezuelan counterpart
Petroleos de Venezuela SA in two months for the creation of
joint venture YPFB-Petroandina, Business News Americas reports.

Bolivian state news agency Agencia Boliviana de Informacion
relates that Venezuelan President Hugo Chavez signed a deal with
Bolivian counterpart Evo Morales to create the joint venture,
which will conduct exploration and production in the La Paz
department in Bolivia.

According to BNamericas, Yacimientos Petroliferos will own 60%
of YPFB-Petroandina.  Meanwhile, Petroleos de Venezuela will
hold 40%.

President Chavez said in a report, "It's a Bolivian company and
that's how it should be.  We only came to cooperate."

BNamericas notes that Yacimientos Petroliferos will assign one
or more areas in northern La Paz for exploration and production.

The report says that YPFB-Petroandina will invest some US$600
million in exploration.  Yacimientos Petroliferos will provide
US$360 million of the investment.  

YPFB-Petroandina would invest some US$800 million in
exploration, Agencia Boliviana says, citing Venezuela's
ambassador to Bolivia.

"This JV [joint venture] will start with an investment of
US$600mn and if it gets results in exploration and we move on to
production, the investment will increase," Bolivian hydrocarbons
minister Carlos Villegas told Agencia Boliviana.

                  About Petroleos de Venezuela

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    B-       Jun. 17, 2004
   Long Term IDR      B-       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating     B-       Dec. 14, 2005


* BOLIVIA: Foreign Oil Cos. Has Until Aug. 20 to Submit Reports
---------------------------------------------------------------
The Bolivian government gave foreign oil companies until Aug. 20
to file their investment plans or face contract revocation,
Prensa Latina reports.

Oil Minister Carlos Villegas cited the companies' refusal to
invest in the national market and the interference of Camara
Boliviana de Hidrocarburos as major obstacles, Prensa Latina
relates, citing local press.

According to the same report, a contract with Spanish-
Argentinean Repsol YPF will yield US$900 million in investments
until 2010.

                        *     *     *

Fitch Ratings assigned these ratings on Bolivia:

                     Rating     Rating Date
                     ------     -----------
   Country Ceiling    B-       Jun. 17, 2004
   Long Term IDR      B-       Dec. 14, 2005
   Local Currency
   Long Term Issuer
   Default Rating     B-       Dec. 14, 2005




===========
B R A Z I L
===========


BRASIL TELECOM: Cuts Multimedia Messages Prices by 50%
------------------------------------------------------
Brasil Telecom said in a statement that it has reduced its
prices for sending multimedia messages by 50%.

Business News Americas relates that Brasil Telecom cut the cost
of sending videos and images as well as SMS text messages to
BRL0.25 each from BRL0.50 until Sept. 30.

According to Brasil Telecom's statement, the company's regular
SMS text messages have cost BRL0.34.

                     About Brasil Telecom

Headquartered in Brasilia, Brazil, Brasil Telecom Participacoes
SA -- http://www.brasiltelecom.com.br-- is a holding company
that conducts substantially all of its operations through its
wholly owned subsidiary, Brasil Telecom SA.  The fixed-line
telecommunications services offered to the company's customers
include local services, including all calls that originate and
terminate within a single local area in the region, as well as
installation, monthly subscription, measured services, public
telephones and supplemental local services; intra-regional
long-distance services, which include intrastate and interstate
calls; interregional and international long-distance services;
network services, including interconnection and leasing; data
transmission services; wireless services, and other services.

                        *     *     *

Brasil Telecom Participacoes' local currency long-term debt
carries Fitch's BB+ rating.

Moody's Investors Service placed a Ba1 local currency long-term
issuer rating on Brasil Telecom.


CONSTRUTORA NORBERTO: Fitch Puts BB+ Rtg. on US$200.4-Mil. Bonds
----------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' foreign and local currency
Issuer Default Rating and 'AA(bra)' long-term national rating to
Construtora Norberto Odebrecht S.A.  Fitch has also assigned
'BB+' to CNO's US$200.4 million perpetual bonds.  The Ratings
Outlook for all corporate ratings is Stable.

The ratings incorporate Construtora Norberto's leading position
in Latin America and expertise in providing engineering and
construction services in Brazil and around the world, as well as
its geographical and project diversification.  Construtora
Norberto has low leverage and a solid liquidity position, and
has consistently generated positive cash flow.  The company's
backlog continues to increase and currently represents nearly
three years of contracts.  Construtora Norberto operates in 19
countries, which provides significant access to hard currency
and mitigates transfer and convertibility risk; overseas
operation represents two thirds of revenues.  Construtora
Norberto is exposed to economic and political volatilities
associated with emerging markets, where its primary operations
are located.

Construtora Norberto operating performance has been steadily
improving over the last several years.  The company's leverage
is low and consistent with the rating category.  Net revenues of
BRL7.4 billion over the last 12 months ending March 2007 have
grown 63.5% from year-end 2003, and operating EBITDA reached
BRL572 million with an increase of 39.8%.  Over the same period,
total adjusted debt/operating EBITDA declined from 3.3 times to
two and net adjusted debt/operating EBITDA from 1.3 to zero net
debt (positive cash position).  Low leverage and stronger
liquidity helps mitigate risks associated with long lead times,
working capital and project completion risks.  The company is
exposed to project completion risks and receives progress
payments as certain milestones of a project are completed.

Construtora Norberto business prospects are good.  The company
has a sizeable backlog of approximately US$7.1 billion at
year-end 2006 up from US$3.9 billion at the end 2005.  The
backlog primarily relates to overseas projects, approximately
US$4.7 billion, which are expected to increase to approximately
US$10 billion at end 2007.  Construtora Norberto exposure to
emerging market project risks are somewhat mitigated with large
advance payments, its experience and track record of operating
in these markets, its participation in only the most strategic
country projects, and participating in projects financed by
export, multilateral and international agencies.  Construtora
Norberto mitigates currency risks by matching revenues and costs
using the same currency for each project and has developed
strong relationships with key local sub-contractors, suppliers,
and workforce in its core countries of operation. Of its total
revenue in 2006, 35% were generated in Brazil, 37% in other
Latin American countries, 15% in Africa, 9% in Europe and 4% in
the United States.

Construtora Norberto is a leading Latin American engineering and
construction company fully owned by the Odebrecht Group, one of
the 10 largest Brazilian private groups.  Construtora Norberto
is the world's largest builder of hydroelectric plants, of
sanitary and storm sewers, water treatment and desalination
plants, transmission lines and aqueducts.  The Group's main
businesses are heavy engineering and construction based in Rio
de Janeiro, Brazil, and Braskem S.A., its
chemicals/petrochemicals company, based in Sao Paulo, Brazil.


ELETROPAULO METROPOLITANA: Earns BRL340 Million in Second Qtr.
--------------------------------------------------------------
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.
reported net income of BRL340.0 million in the second quarter of
2007, up 69.4% from the second quarter of 2006, BRL200.7
million.  Adjusted EBITDA amounted to BRL789.2 million, with a
margin of 43.5%.

In line with its strategy to further improve its debt profile,
Eletropaulo renegotiated the terms and conditions of the
syndicated loan (CCBs, or Bank Credit Notes) in May 2007, thus
decreasing the average cost from CDI+1.82% to CDI+1.20% and
extending maturity from 6 to 8 years.  As a result of the solid
cash generation in 2Q07, the Company's net debt dropped by 30%.  
This improvement in Eletropaulo's financial and operating
performance resulted in an increase in the company's national
scale S&P rating from A- to A in April 2007.

On July 3, 2007, ANEEL approved the company's -8,43% Tariff
Review, with an average reduction impact on the company's
revenues of 11.83%.

On Aug. 10, 2007, the Board of Directors approved the payment of
intermediary dividends corresponding to the earnings accumulated
until June 2007, totaling BRL487.8 million, to be paid on
Sept. 3, 2007.

Eletropaulo Metropolitana Eletricidade de Sao Paulo SA --
http://www.eletropaulo.com.br/-- provides electricity to more  
than 5 million customers in the Brazilian state of Sao Paulo.
Part of the privatization trend in Brazil, the company is one of
four created by the split of the former state-owned generation,
transmission, and distribution utility.  Brasiliana Energia, a
company jointly held by US independent power producer AES and
Brazilian national development bank BNDES through Brasiliana,
owns approximately 99% of Eletropaulo.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 8, 2006, Standard & Poor's Ratings Services raised the
ratings on Brazilian electric utility Eletropaulo Metropolitana
Eletricidade de Sao Paulo SA and its BRL474 million senior
unsecured and unsubordinated euro bonds to 'BB-' from 'B+'.  On
the Brazil national scale, the 'brBBB+' corporate credit rating
was raised to 'brA-'.  S&P said the outlook is stable.


GOL LINHAS: Strong Cash Flow Cues Fitch to Affirm BB+ Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed the 'BB+' foreign and local currency
issuer default ratings of Gol Linhas Aereas Inteligentes S.A.  
Fitch has also affirmed the outstanding US$200 million perpetual
bonds and US$200 million of senior notes due 2017 at 'BB+' as
well as the company's 'AA-' (bra) national scale rating.  The
rating outlook is stable.

The affirmations reflect GOL's low-cost structure, strong cash
flow generation, business position and moderate leverage.  The
ratings also reflect the company's exposure to fuel cost
volatility and other industry-related risks, such as revenue
volatility and correlation with the domestic economy, high
operating leverage and competitive threats.  Recent fatal
accidents will likely have a negative short term effect that
could lead to a near term softening in demand and new' capacity
restrictions at Congonhas and other Brazilian airports although
medium to long term demand for domestic air transportation in
Brazil continues to look quite robust.

GOL's strong competitive advantages and profitability are
underpinned by its business model, which utilizes a single fleet
type of Boeing 737s and a multi-stop route system.  An
integrated route network has helped the company maintain high
asset utilization rates and achieve one of the lowest cost
structures in the industry.  GOL's low-cost structure has
allowed it to offer discounted fares versus its competitors,
which has stimulated domestic air travel demand and helped the
company rapidly increase market share and load factors since it
launched operations.

Over the past five years, GOL has been consolidating its
position in the Brazilian airline market. In the first quarter
of 2007, GOL acquired VRG Linhas Aereas S.A for US$98 million in
cash, 6.1 million of non-voting GOL shares and the assumption of
BRL45.0 million of VRG debentures.  VRG was created to owned a
majority of Viacao Aerea Rio-Grandense S.A's operations, airport
slots and the VARIG brand name as part of Varig's emergence from
bankruptcy.  Although VRG was structured following bankruptcy to
limit exposure to VARIG pre bankruptcy liabilities, several
parties, primarily from former VARIG employees, are in
litigation with GOL.  Although the legal structure of the
transactions are in theory free from liability, the recently
implemented bankruptcy law in Brazil is still in its early
stages and no precedent for jurisprudence on certain issues has
been established.

Strategically, the acquisition of VRG is positive as it secured
GOL access to Brazil's most valuable intangible assets in the
domestic airline transportation sector, slots in Congonhas, and
thereby reduced competitive threats.  Revenues have grown
dramatically to BRL 3.8 billion in 2006 from BRL 230 million in
2001, with market share increasing to 37% in December 2006 from
4.7% at the end of 2001.  By the end of the June, the
consolidated market-share reached 43%.

The domestic airlines profitability deteriorated during the last
three quarters, mainly due to capacity constraints and an
infrastructure bottleneck.  The lack of investment in Brazilian
airports is evident as the scarcity of efficient infrastructure
is insufficent to support accelerating growth.  In addition,
sector excess capacity has increased as supply seats grew
approximately 15% while demand grew around 13%, negatively
impacting load factor and profitability.  Stronger competition
resulted in higher discounted fares and lower yield.  Over the
short term, yields and load factors should continue to be
moderately pressured.

GOL's margins have been pressured as lower load factors and
yields together with an increase in average stage lenght
resulted in a decreased in RASK around 25% in the first quarter
of 2007.  In contrast, the CASK showed a reduction of just 11%.  
GOL posted an EBITDAR margin of 24% versus 35% on the first
three months of 2007.  LTM ended on March 2007, EBITDAR reached
901.5 million, a decrease of 8.5% compare to the full 2006 year
(BRL 985.4 million).

GOL's short-term challenge will be to sustain its operational
spread (RASK-CASK) during the next few quarters.  The company
has showed ability to implement cost reductions, but the sector
conditions should continue to pressure the RASK.  In a effort to
offset possible short term market weakness, the company has
recently announced a reduction on its fleet expansion plan to
103 from 108 in 2007 and to 112 from 124 aircrafts in 2008.  GOL
continues to manage its fleet to keep its capacity in line with
demand conditions.

GOL's financial profile is solid for the category and strong
compared to the industry standards.  GOL maintains a strong
liquidity position with BRL1.9 billion of cash and marketable
securities at the end of March or nearly 50% of revenues.  
Significant cash balances should enable the company to mitigate
short-term risks and volatility.  At March 31, 2007, the company
had a ratio of total adjusted debt to EBITDAR of 4.1 times and a
ratio of net adjusted debt to EBITDAR of 1.9.

Over the next years, total adjusted debt should moderately
increase as GOL completes its investment program (BRL 4.7
billion).  The company plans to grow its consolidated fleet to
143 aircraft by 2012.  At March 31, 2007, the company had total
adjusted debt of BRL3.7 billion, including BRL 875,5 millions of
perpetual bonds and senior notes, BRL 300 million in bank loans
and BRL 176 in working-capital funding. GOL's debt maturity
profile is well distributed with only 5% of the debt due in the
next 12 months.

GOL is the holding company of the two low-cost airline Gol
Transportes Aereos S.A. and VRG Linhas Aereas S.A. that operates
in South America providing frequent service on routes between
Brazil's major cities and to South American cities.  At
June 30, 2007, GTA operated 69 single-class Boeing 737 aircraft
with an average age of 7,7 years and VRG, 19 aircrafts (18 B737
and 1 MD-11) with an average age of 15 years.


NRG ENERGY: Closes Phase II of Capital Allocation Plan
------------------------------------------------------
NRG Energy Inc. has completed Phase II of the previously
announced US$1 billion Capital Allocation Plan.  From the
inception of Phase II on Nov. 3, 2006 through Aug. 13, 2007, the
company repurchased approximately 15.4 million common shares at
an aggregate cost of approximately US$500 million, for a volume
weighted average price of US$32.40 per share.  Phase I was
completed in the fourth quarter 2006, with the repurchase of
21,175,400 shares for approximately US$500 million, for a volume
weighted average price of US$23.61 per share.  Since NRG's
emergence from bankruptcy in December 2003, through the
completion of Phase II, NRG has repurchased approximately 75.3
million common shares at an aggregate cost of US$1.66 billion,
for a volume weighted average price per share of approximately
US$22.09.

"The value of our ongoing commitment to return capital to
shareholders is clearly demonstrated by the repurchase results
since inception," said Robert Flexon, NRG's Executive Vice
President and Chief Financial Officer.  "Having a balanced
approach in allocating the Company's substantial cash flows for
business reinvestment, while also offering immediate shareholder
returns, provides the foundation for sustainable long term
shareholder gains.  The cash flow productivity of our portfolio
allows for this capital allocation philosophy."

The next phase of NRG's Capital Allocation Plan is expected to
commence early 2008.  As previously announced, the Company's
total annual targeted return of capital to shareholders is
expected to be approximately 3% of NRG's current market
capitalization.  The Company plans to achieve this through a
combination of share repurchases and/or dividends, depending on
market conditions and other factors.

                          About NRG

A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG) --
http://www.nrgenergy.com/-- owns and operates a diverse  
portfolio of powergenerating facilities, primarily in Texas and
the Northeast, South Central and West regions of the United
States.  Its operations include baseload, intermediate,
peaking, and cogeneration and thermal energy production
facilities.  NRG also has ownership interests in generating
facilities in Australia, Germany and Brazil.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 9, 2007, Moody's Investors Service affirmed the ratings of
NRG Energy, Inc., including its Corporate Family Rating at Ba3,
the Probability of Default Rating at Ba3, the senior unsecured
debt at B1, and its Speculative Grade Liquidity Rating of SGL-2,
following the company's announcement to return more capital to
shareholders in the form of existing and future share
repurchases and to begin paying a common dividend during the
first quarter of 2008.

Standard & Poor's Ratings Services raised its rating on NRG
Energy Inc.'s USUS$4.7 billion unsecured bonds to 'B' from 'B-'
and assigned its 'B-' rating to the proposed USUS$1 billion
delayed-draw term loan B at NRG Holdings Inc., a newly created
holding company that would own 100% of NRG's equity.


SANYO ELECTRIC: Share Price Falls Due to Sellout Reports
--------------------------------------------------------
Shares of Sanyo Electric Co., Ltd., dipped after reports that
the company is in talks to sell its mobile phone unit, Hiroshi
Suzuki of Bloomberg News relates.

As of 9:47 a.m. of Aug. 13, 2007, Sanyo's stock declined 3.1%
after dropping 5.2% to JPY188 on the Tokyo Stock Exchange,
conveys Mr. Suzuki.

Sanyo, writes Mr. Suzuki, will announce a business framework by
the end of September including its future strategy on the
semiconductor and handset operations.

In a phone interview, Ahikiko Oiwa, a company spokesman,
revealed to Mr. Suzuki that Sanyo hasn't decided whether it will
sell the business.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2, 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.


SYNIVERSE TECHNOLOGIES: Inks US$464 Million Amended Credit Pact
---------------------------------------------------------------
Syniverse Technologies Inc. entered into a US$464 million
amended and restated credit agreement.  The agreement provides
for a term loan of US$112 million in aggregate principal amount,
a delayed draw term loan of US$160 million in aggregate
principal, a Euro-denominated delayed draw term loan facility of
the equivalent of US$130 million, a revolving credit line of
US$42 million, a Euro-denominated revolving credit line of the
equivalent of US$20 million and a multi-currency letter of
credit commitment of US$15 million.

Syniverse used US$112 million of the total amount borrowed under
the senior credit facility plus available cash on hand to repay
its previous senior credit facility and to pay related
transaction fees and expenses.  The delayed draw term loans are
intended to fund the proposed acquisition of the wireless
clearing and financial settlement business of Billing Services
Group, including the refinancing of existing debt of Billing
Services Group, and to pay related transaction fees and
expenses.

Lehman Brothers Inc. and Deutsche Bank Securities Inc. acted as
joint lead arrangers and joint book-running managers for the
deal.  Bear, Stearns & Co. Inc. and LaSalle Bank National
Association acted as co-documentation agents.

                       About Syniverse

Syniverse Technologies Inc. in Tampa, Florida (NYSE: SVR)
-- http://www.syniverse.com/-- provides technology services for  
wireless telecommunications companies.  Its integrated suite of
services include technology interoperability services, which
enable the invoicing and settlement of domestic and
international wireless roaming telephone calls and wireless data
events; SMS and MMS routing and translation services between
carriers; and interactive video and mobile broadband solutions,
prepaid applications, and roaming services.  Celebrating its
20th anniversary in 2007, Syniverse has offices in major cities
around the globe.  Syniverse is ISO 9001:2000 certified and TL
9000 approved, adhering to the principles of customer focus and
quality improvement practices.  The company has offices in the
Netherlands, Brazil and China.

                        *     *     *

As reported in the Troubled Company Reporter on June 29, 2007,
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating, along with its stable outlook, and its 'B' senior
subordinated debt rating on Tampa, Florida-based Syniverse
Technologies Inc.  At the same time, Standard & Poor's assigned
its 'BB' bank loan rating and '2' recovery rating to Syniverse's
proposed US$489 million senior secured bank facility.  The bank
loan rating, which is one notch above the corporate credit
rating, along with the '2' recovery rating, reflect our
expectation for substantial (70%-90%) recovery of principal by
creditors in the event of a payment default.


TAM SA: Fitch Affirms BB Rating on US$300 Million Senior Notes
--------------------------------------------------------------
Fitch has affirmed the 'BB' foreign currency and local currency
Issuer Default Ratings of TAM S.A.  Fitch has also affirmed the
'BB' rating of its US$300 million of senior unsecured notes due
2017 as well as the company's 'A+(bra)' national scale rating
and for its first debentures issuance (BRL500 million).  The
rating outlook is stable.

The affirmations reflect the company's market leading position
in the Brazilian air passenger transportation sector, adequate
leverage indicators and positive free cash flow generation.  The
ratings also reflect the company's exposure to fluctuations in
jet fuel prices and exchange rates, the strong correlation of
its activities with the performance of the domestic economy,
high operating leverage and competitive threats.  The ratings
incorporate TAM's fleet expansion plans and the company's
intention to maintain conservative leverage ratios.  Recent
fatal accidents will likely have a negative short term affect
that could lead to a near term softening in demand and new
capacity restrictions at Congonhas and other Brazilian airports
although medium to long term demand for domestic air
transportation in Brazil continues to look quite robust.

Over the past several years, revenues have grown strongly,
operating margins have improved and the company has maintained
positive cash generation.  Net revenues grew due to strong
growth in seats supply and demand, which was supported by the
expansion of the fleet, higher average flight length, greater
capacity utilization rate and more frequencies.  TAM has been
able to enhance its cost structure by raising the capacity
utilization rate, operating new aircraft with lower maintenance
costs and fuel consumption and reducing commercial and overhead
expenses.

Recent financial performance for the domestic airlines has
deteriorated over the last three quarters due mainly to capacity
constraints and an 'infrastructure bottleneck' as new capacity
is coming on line.  The lack of investment in Brazilian airports
is evident as the scarcity of efficient infrastructure is
insufficient to support accelerating growth.  In addition,
sector excess capacity has increased as supply seats grew
approximately 15% while demand grew around 13%, negatively
impacting load factors and profitability.  Strong competition
has resulted in higher discounted fares and lower yields.  Over
the short term, yields and load factors should continue to be
moderately pressured.

First quarter RASK (revenue per available seat kilometer) - CASK
(cost per available seat kilometer) spread decreased to BRL0.8
from BRL2.3 over the same period last year; the RASK/CASK was
BRL 2.8 in 2006 and 1.5 in 2005.  Increasing capacity that
resulted in lower RASK (-15%) as partially offset by a 7%
decrease in costs (CASK).  In March 2007, based on the last 12
months, TAM's cash generation, measured by EBITDAR was BRL1.6
billion, a slightly decrease compared to the previous year
BRL1.7 billion.

TAM's financial profile and credit protection measures are
consistent with the rating category, despite the short term
weakness.  At Mar. 31, 2007, total adjusted debt to LTM EBITDAR
reached four times and total adjusted net debt to EBITDAR
reached 2.8 and deteriorated slightly due to pricing pressures
associated with new industry capacity versus 3.7 and 2.3,
respectively, in 2006. Over the next years, leverage is expected
to moderately deteriorate further from current levels as TAM
incorporates 37 new aircraft into its fleet by 2010, although
leverage is expected to remain consistent with the rating
category.

TAM maintains a solid liquidity position with BLR2.0 billion of
cash and marketable securities at the end of March 2007.  TAM's
liquidity position and solid financial profile mitigate short-
term risk and volatility related to domestic air transportation
sector.  At Mar. 31, 2007, total adjusted debt reached BRL6.7
billion, which includes BRL540 million of debentures and
approximately BRL700 million of working capital and leases
obligations.  A majority of the company's debt relate to off-
balance-sheet liabilities associated with aircraft operating
leases, which totaled BRL5.4 billion.

Over the next several years, TAM will face new challenges to
maintain market leadership in a strongly competitive
environment.  TAM's main competitor, GOL Linhas Aereas S.A -- a
low cost carrier, recently announced an agreement to acquire VRG
S.A. VRG operates under the brand name Varig and owns a
significant number of slots in an important domestic airport,
Congonhas.  An increase in competition resulting from supply
pressures and aggressive fare discounting, coupled with lower
aircraft load factors, could eventually impact credit profile of
the Brazilian air carriers.

TAM is a holding company that operates in Sao Paulo, Brazil,
through its subsidiaries TAM Linhas Aereas and TAM Mercosur.  
The company offers regular air passenger transportation services
in Brazil and abroad.  TAM is the market leading company in
Brazil, with 48% of market share in 2006 and 37% of the
international market.  It covers the entire territory of Brazil,
serving 49 national destinations directly and an additional 27
destinations through regional alliances with other airline
companies.  TAM also serves 13 international destinations and
offers connections to several cities outside Brazil through
agreements with American Airlines, Air France and others.


TECUMSEH PRODUCTS: Adds Three New Members to Board of Directors
---------------------------------------------------------------
Tecumseh Products Company has appointed three new members to the
company's Board of Directors, and the resignation from the
Board, for personal and family health reasons, of director Kevin
E. Sheehan.

The Board will have its full complement of seven members when,
as previously announced, Edwin L. Buker joins the company as
Chief Executive Officer and as a director.

Joining the Tecumseh Board, along with Mr. Buker, are:

   -- William E. Aziz, Managing Partner of BlueTree Advisors, of
      Oakville, Ontario, a firm founded in 2002 by Mr. Aziz that
      provides operational, financial and strategic planning
      advisory services to public and private businesses in all
      industries.  Mr. Aziz also currently serves as the Chief
      Financial Officer of Hollinger, Inc., a public company
      listed on the Toronto Stock Exchange, with a subsidiary
      (SunTimes Media Group, an operator of daily newspapers)
      listed on the New York Stock Exchange.

   -- Steven J. Lebowski, an attorney and certified public
      accountant in Milford, Michigan.  Mr. Lebowski is also
      Vice President and an owner of Architectural Door and
      Millworks PC, a privately held wholesale distributor of
      doors based in New Hudson, Michigan.

   -- Jeffry N. Quinn, Chairman of the Board, President and
      Chief Executive Officer, and previously Chief
      Restructuring Officer, of Solutia Inc, of St. Louis,
      Missouri, a US$3.7 billion specialty chemical and
      materials company.  Solutia, which was formerly a unit of
      Monsanto, has been operating under Chapter 11 bankruptcy
      protection since late 2003.

David M. Risley, Chairman of the Board of Tecumseh, said: "I'm
pleased to welcome Messrs. Aziz, Lebowski and Quinn, as well as
Ed Buker, to the Tecumseh Board.  These appointments are further
steps in providing Tecumseh with the leadership, experience and
expertise-at both the Board and management levels-that the
company needs as we continue our efforts to place Tecumseh on a
solid strategic, operational and financial footing."

Also effective Monday, as part of the previously announced
transition to Mr. Buker's role as Chief Executive Officer, James
J. Bonsall has assumed a transitional role as Tecumseh's
Executive Vice President, reporting to Mr. Buker.  Mr. Bonsall
previously served as the Company's President and Chief Operating
Officer.

              About Tecumseh Products Company

Headquartered in Tecumseh, Mich., Tecumseh Products Company
(Nasdaq: TECUA, TECUB) -- http://www.tecumseh.com/--  
manufactures hermetic compressors for air conditioning and
refrigeration products, gasoline engines and power train
components for lawn and garden applications, submersible pumps,
and small electric motors.  The company has offices in Italy,
United Kingdom, Brazil, France, and India.

At March 31, 2007, the company's balance sheet showed total
assets of US$97.3 million, total liabilities of US$101.4
million, resulting to a shareholders' deficit of US$4.1 million.


TELEMIG CELULAR: Moody's Reviews B2 Rating for Possible Upgrade
---------------------------------------------------------------
Moody's Investors Service changed the direction of the review of
the B2 foreign currency rating of the US$120 million senior
unsecured notes issued by Telemig Celular S.A and Amazonia
Celular S.A. to review for possible upgrade from review for
possible downgrade.  The change in direction of the review
follows the announcement that Vivo Participacoes S.A. reached an
agreement to buy control of Telemig and Amazonia.  The
transaction is subject to the approvals of regulators and
shareholders.  Moody's, however, believes that both regulatory
and shareholder approvals should not face major obstacles.

"Despite the fact that Amazonia continues to face operating,
competitive and liquidity challenges, with still nearly 50% of
its debt concentrated in the short-term, Moody's decision to
place its ratings on review for possible upgrade reflects the
foreseen scale benefits of being part of Vivo, the largest
Brazilian mobile network with a significantly stronger credit
profile," said Moody's AVP-Analyst Soummo Mukherjee.  
"Amazonia's operations should benefit from better purchasing
power for handsets and network equipment, for instance, and Vivo
has already identified a significant amount of fiscal and
operating synergies for the combined entity going forward," he
added.

The review will focus on the perceived benefits from being
controlled by Vivo as well as the possibility that Amazonia
would receive support from Telemig should it become unable to
make its debt service payments on a timely basis.  Additionally,
the review will continue to focus on the company's growth
strategy, expected synergies as a result of this transaction,
ability to generate cash flow and timely address its near-term
refinancing needs.

The announced transaction refers to Vivo's acquisition of
Telpart Participacoes S.A.'s (Telemig's and Amaz“nia's holding
company) 51.9% of Tele Norte Participacoes' voting shares
(Amazonia's holding company); and, 53.90% of Telemig
Participacoes' voting shares (Telemig's holding company), giving
Vivo control of both Amazonia and Telemig with a 14.5% and 18.9%
economic stakes, respectively.  The deal is subject to approval
from telecom regulator Anatel, CADE (anti-trust authority) and
the shareholders' meetings of Vivo and Telpart, scheduled for
the Aug. 21.  On the expected approval of the offer, Vivo will
launch separate mandatory tag along offer and a voluntary
offer for the minorities in the two companies, which if
approved, would raise Vivo's economic stakes in Amazonia and
Telemig to 54.6% and 58.2%, respectively, for total
consideration of approximately BRL 2.9 billion (US$1.55
billion).

Headquartered in Belo Horizonte, Brazil, Telemig Celular is the
leading provider of mobile communications services in the state
of Minas Gerais, Brazil.  As of June 30, 2007, Telemig had 3.54
million subscribers, with a market share of 30% in its
concession area.  Headquartered in Belem, Brazil, Amazonia
Celular is the leading provider of mobile communications
services in a region covering the states of Maranhao, Para,
Amazonas, Amapa and Roraima in the northern region of Brazil.  
As of June 30, 2007, Amazonia had 1.29 million subscribers, with
a market share of 22% in its concession area.


WARNER MUSIC: Mulls Going Private & Other Options, Report Says
--------------------------------------------------------------
Warner Music Group Corp. is considering privatization in
response to the downward spiral of Warner Music's stock price,
coupled with investors' negative sentiment for the music
industry in general, the New York Post reports, quoting a source
inside the company.

The company is also mulling other options ranging from a stock
buyback to a securitization deal for its music publishing
assets, the Post states.

According to the report, the insider says Warner Music's
plummeting stock price, which closed trading yesterday down 10
percent at an all-time low of US$9.89 after the label posted a
wider-than-expected quarterly loss, is frustrating its financial
backers.

"Given the company's cash flow performance, they think the stock
should be trading between US$18 and US$20, not US$10," the
source told the Post.

Warner Music's financial backers, which include Thomas H. Lee,
Bain Capital, and Providence Equity Partners, expected the
company's stock price to rebound to around US$14 after it backed
out of the EMI auction, believing that it relieved investor
concerns about overpaying, the report says.

The trio are now exploring the option of privatizing Warner
Music a mere two years after the company was made public.  The
discussion is still in its early stages though, and the company
may still choose to remain public, the Post relates.

According to the report, while avoiding the going-private issue,
Warner CEO Edgar Bronfman Jr. told analysts, "Clearly we've got
to try and deliver increased value to our shareholders given
where our share price is."

The day after the Post published the privatization report,
shares in the stock surged 21 percent to close at US$12 after
hitting a new all-time low of US$9.79.  The fact that Citigroup
analyst Jason Bazinet upgraded his rating on the stock to a
"buy" also helped the company.  Mr. Bazinet said the company's
current share price is undervalued given its cash flow
performance and thinks it is worth US$13, the Post relates.

The Warner Music deal has been extremely lucrative for its
private equity backers, the Post observes.  Shortly after buying
Warner Music from Time Warner for US$2.6 billion the group
recouped their US$1 billion equity outlay by paying out a
US$1.4 billion dividend.

                  About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--  
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                        *     *     *

As reported in the Troubled Company Reporter on July 23, 2007,
Standard & Poor's Ratings Services said that its ratings for
Warner Music Group, including the 'BB-' corporate credit rating,
remain on CreditWatch with negative implications.  The ratings
have been on CreditWatch because of S&Ps' concern about the
company's interest in EMI Group PLC.  S&P still see uncertainty
surrounding management's alternate strategies following WMG's
statement that it will not submit a competing bid for EMI.


* BRAZIL: State Firm Fails to Deliver Enough NatGas for Plants
--------------------------------------------------------------
Brazilian power regulator Aneel said in a statement that the
country's state-run oil firm Petroleo Brasileiro SA has failed
to deliver sufficient natural gas for its thermo plants in July
2007.

Aneel told Business News Americas that Petroleo Brasileiro
agreed to send enough natural gas to fire 1.20 gigawatts of
capacity.  However, the oil company supplied enough for only 281
million megawatts.

An Aneel spokesperson commented to BNamericas, "This means
Petrobras [Petroleo Brasileiro] did not supply natural gas for
the production of 916 megawatts, according to preliminary
calculations from the regulator.  According to preliminary
estimates, Petrobras will have to pay a BRL91-million penalty
for not respecting the agreement."

The penalty will be formally announced within this week.  
Petroleo Brasileiro may file an appeal on the penalty,
BNamericas states.

                       About Petrobras

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-
- was founded in 1953.  The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.

                        *     *     *

As reported on Nov. 24, 2006, Standard & Poor's Ratings Services
revised its outlook on its long-term ratings on the Federative
Republic of Brazil to positive from stable.  Standard & Poor's
also affirmed these ratings on the Republic of Brazil:

   -- 'BB' for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  Fitch
said the rating outlook was stable.


* BRAZIL: Central Bank Holding Auction to Buy US Dollars
--------------------------------------------------------
The Brazilian central bank will hold an auction to purchase US
dollars on the spot foreign exchange market, Reuters reports.

According to Reuters, the auction is part of an effort to build
up Brazil's international reserves.

The report says that the Real was "0.46% stronger at 1.943 per
dollar shortly after the announcement."

According to Reuters, the Real has traded below 2.0 per dollar
since May 15, 2007.

The central bank has bought almost US$62 billion on the spot
market this year, surpassing the US$35.1 billion it purchased
last year, Reuters states.

                        *     *     *

As reported on Nov. 24, 2006, Standard & Poor's
Ratings Services revised its outlook on its long-term
ratings on the Federative Republic of Brazil to
positive from stable.  Standard & Poor's also affirmed
these ratings on the Republic of Brazil:

   -- 'BB' for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  Fitch
said the rating outlook was stable.


* BRAZIL: Obtains US$500,000 Loan for Portais da Cidade Program
---------------------------------------------------------------
The Inter-American Development Bank has granted a US$500,000
financing from its Infrastructure Fund for feasibility studies
to support the development of the Portais da Cidade program in
Porto Alegre, Brazil.

The funding will be used by the municipality of Porto Alegre,
capital of the southern state of Rio Grande do Sul, for the
preparation of a program that will develop a sustainable Bus
Rapid Transit system.  The program will improve the
accessibility and mobility of the population and will reduce
vehicle emissions by providing high-quality transit
infrastructure and technology.

This technical cooperation will support studies to strengthen
the municipal institutional capacity and to develop a financial
model and legal structure for the program with private sector
participation.

The BRT infrastructure of the program will consist of segregated
busways for high-capacity low-emission buses, stations with pre-
board fare collection and fare verification, a centralized
control system, and three terminals (portals) to facilitate easy
physical integration between feeder services and other transit
modes.  Commercial and public services will be available at the
terminals.

This will be an innovative project in which the private sector
will participate in the design, investment, operation and
maintenance of urban transportation infrastructure through a
public-private partnership model.  The project will also
evaluate the potential of carbon credits from reductions of
green house emissions brought by the program.

The IDB resources will be used for consulting services to
conduct technical economic and financial feasibility studies and
preparation of legal documents and contract structuring for the
tendering process.

                       About InfraFund

The purpose of the IDB's InfraFund is to support the development
of infrastructure in Latin America and the Caribbean by helping
private, public and mixed-capital entities in the region
identify and prepare bankable, sustainable projects.

The US$20 million fund approved its first operation in December
2006 with a US$1 million project for the creation of a Brazilian
Public-Private Partnership Development Facility designed to
promote the development of concessions and public-private
partnerships for infrastructure projects.

InfraFund has also approved funding for projects in Argentina,
Bolivia, Colombia, Costa Rica, Guatemala, Honduras, Mexico,
Panama and Paraguay. To date, a total of US$7.6 million has been
approved for infrastructure project preparation through
InfraFund.

                          About IDB

The Inter-American Development Bank is the primary source of
multilateral financing for economic, social and institutional
development projects and for regional integration programs in
Latin America and the Caribbean. The IDB plans to approve US$12
billion for infrastructure projects in the region over the next
five years.

                        *     *     *

As reported on Nov. 24, 2006, Standard & Poor's
Ratings Services revised its outlook on its long-term
ratings on the Federative Republic of Brazil to
positive from stable.  Standard & Poor's also affirmed
these ratings on the Republic of Brazil:

   -- 'BB' for long-term foreign currency credit rating,
   -- 'BB+' for long-term local currency credit rating, and
   -- 'B' for short-term currency sovereign credit rating.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'.  In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'.  Fitch
said the rating outlook was stable.




===========================
C A Y M A N   I S L A N D S
===========================


336275 LIMITED: Proofs of Claim Filing Is Until Sept. 6
-------------------------------------------------------
336275 Ltd.'s creditors are given until Sept. 6, 2007, to prove
their claims to Royhaven Secretaries Limited, the company's
liquidator, or be excluded from receiving any distribution or
payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

336275 Ltd.'s shareholders agreed on July 6, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Royhaven Secretaries Limited
       Attention: Nick Wilkins
       P.O. Box 707
       Grand Cayman KY1-1107
       Cayman Islands
       Tel: 945-4777
       Fax: 945-4799


ALPHAGEN ABSOLUS: Proofs of Claim Filing Ends on Sept. 6
--------------------------------------------------------
The Alphagen Absolus Fund Ltd.'s creditors are given until
Sept. 6, 2007, to prove their claims to Linburgh Martin and John
Sutlic, the company's liquidators, or be excluded from receiving
any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Alphagen Absolus shareholders agreed on July 4, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Linburgh Martin
       Attention: Kim Charaman
       Close Brothers (Cayman) Limited
       Fourth Floor, Harbour Place
       P.O. Box 1034
       Grand Cayman, KY1-1102
       Tel: (345) 949 8455
       Fax: (345) 949 8499


AMB BLACKPINE: Proofs of Claim Must be Filed by Sept. 3
-------------------------------------------------------
AMB Blackpine Ltd.'s creditors are given until Sept. 3, 2007, to
prove their claims to Guy F. Jaquier, the company's liquidator,
or be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

AMB Blackpine's shareholders agreed to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of
the Cayman Islands.

The liquidator can be reached at:

       Guy F. Jaquier
       Attention: Nick Robinson
       P.O. Box 265
       George Town, George Town
       Grand Cayman KY1-9001
       Cayman Islands
       Tel: 345 914 4216
       Fax: 345 814 8216


ASSET BACK: Proofs of Claim Filing Deadline is Aug. 23
------------------------------------------------------
Asset Back Servicing Ltd.'s creditors are given until
Aug. 23, 2007, to prove their claims to Martin Couch and Emile
Small, the company's liquidators, or be excluded from receiving
any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Asset Back's shareholders agreed on July 19, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Emile Small
       Maples Finance Limited
       P.O. Box 1093
       George Town, Grand Cayman
       Cayman Islands


AVALON LTD: Fitch Lifts Long Term Credit Ratings to BB+
-------------------------------------------------------
Fitch Ratings has upgraded the long-term credit ratings of the
class A variable-rate notes of Avalon Re Ltd. to 'BB+' from
'BB-' and affirmed the LTCR of the class B and C notes.  In
addition, Fitch has revised the distressed recovery ratings of
the Class B notes to 'DR3' from 'DR4' and to 'DR4' from 'DR5'
for the class C notes.  The rating actions affect US$405 million
of Avalon Re variable-rate notes.

Avalon Re provides coverage to Oil Casualty Insurance, Ltd., a
Bermuda-based insurer, on a three-year excess of loss
reinsurance contract that attaches when losses exceed US$300
million.  The upgrade reflects a significant decline in the
estimated probability of loss for the class A variable rate
notes.  The estimated loss statistics have declined primarily
because the second year of the three-year transaction passed
without the occurrence of additional loss events.  However, OCIL
incurred US$10 million of loss development on events that
occurred prior to June 1, 2006.  One year ago, the class A note
holders were exposed if an additional three events occurred in
the next two years.  The class A note holders are exposed if
three events occur in the next year.  The estimated expected
loss statistics of both the class B and C notes also declined.
While those changes were not significant enough to change the
LTCR of those note classes, the recovery prospects improved
sufficiently to warrant changes in the DR ratings of the two
classes.

The losses recorded to date by OCIL have not exceeded the
attachment point and, therefore, have not been ceded to Avalon
Re and have not resulted in a current loss of principal or
interest to note holders.  The Class A, B and C note holders are
exposed to the third, fourth and fifth $150 million loss,
respectively, occurring within the three-year risk period.  The
notes pay 90% (i.e., up to $135 million) of the loss incurred by
OCIL.

Fitch continues to monitor OCIL's insurance losses.  If OCIL
incurs additional insurance losses, note holders will suffer a
loss.  Holders of the class C notes will suffer a loss first.  
If the class C notes are exhausted by subsequent losses, holders
of the class B notes will then suffer a loss, followed by
holders of the class A notes if the Class B notes are exhausted.  
If a loss of any magnitude occurs, Fitch will likely downgrade
the class C notes.  Fitch may also downgrade the class A or B
notes, depending on the magnitude of the loss and the time
remaining before the notes' maturities.

Avalon Re is a Cayman Islands-domiciled insurance company formed
solely to issue the variable-rate notes, enter into a
reinsurance contract with OCIL, and to conduct activities
related to the notes' issuance.  The variable-rate notes are
insurance-linked collateralized securities that will suffer a
loss of principal if OCIL's aggregate insured losses exceed a
specified threshold that varies by note class.


CATLEIA OIL: Proofs of Claim Filing Is Until Aug. 22
----------------------------------------------------
Catleia Oil Co.'s creditors are given until Aug. 22, 2007, to
prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Catleia Oil's shareholders agreed on July 9, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


CONTEL PAGE: Proofs of Claim Filing Ends on Aug. 31
---------------------------------------------------
Contel Page International Inc.'s creditors are given until
Aug. 31, 2007, to prove their claims to David A.K. Walker and
Lawrence Edwards, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Contel Page's shareholders agreed on June 22, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       David A.K. Walker
       Attention: Jodi Jones
       P.O. Box 258
       Grand Cayman KY1-1104
       Cayman Islands
       Tel: (345) 914 8694
       Fax: (345) 945 4237


CREAFIN FUND: Proofs of Claim Filing Deadline Is Aug. 25
--------------------------------------------------------
Creafin Fund Management (Cayman) Ltd.'s creditors are given
until Aug. 25, 2007, to prove their claims to RTB Secretaries
Limited, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Creafin Fund's shareholders agreed on July 26, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       RTB Secretaries Limited
       c/o Rothschild Trust Cayman Limited
       P.O. Box 10129
       5th Floor, Citrus Grove
       George Town, Grand Cayman KY1-1002
       Cayman Islands
       Tel: (345) 946 7033
       Fax: (345) 946 7043


CYGNUS ASSET: Proofs of Claim Must be Filed by Aug. 28
------------------------------------------------------
Cygnus Asset Management Ltd.'s creditors are given until
Aug. 28, 2007, to prove their claims to Ronald Tompkins, the
company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Cygnus Asset's shareholders agreed on July 20, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Ogier
       Attention: Angus Davison
       c/o Ogier
       P.O. Box 1234
       Grand Cayman KY1-1108
       Cayman Islands
       Tel: (345) 949 9876
       Fax: (345) 949 1986


EACM SELECT: Proofs of Claim Filing Is Until Aug. 28
----------------------------------------------------
EACM Select Alternative Fund 1 Ltd.'s creditors are given until
Aug. 28, 2007, to prove their claims to David A.K. Walker and
Lawrence Edwards, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

EACM Select's shareholders agreed on July 11, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       David A.K. Walker
       Attention: Jyoti Choi
       P.O. Box 258
       Grand Cayman KY1-1104
       Cayman Islands
       Tel: (345) 914 8657
       Fax: (345) 945 4237


FRONTIER IV: Proofs of Claim Must be Filed by Aug. 26
-----------------------------------------------------
Frontier IV Ltd.'s creditors are given until Aug. 26, 2007,
to prove their claims to John Cullinane and Derrie Boggess, the
company's liquidators, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Frontier IV's shareholders agreed on July 27, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


GSO CALMET: Proofs of Claim Filing Ends on Aug. 17
--------------------------------------------------
GSO Calmet Holdings (Cayman) Ltd.'s creditors are given until
Aug. 17, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

GSO Calmet's shareholders agreed on July 18, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


IVY MA: Proofs of Claim Filing Deadline Is Aug. 17
--------------------------------------------------
Ivy Ma Holdings Cayman 5 Ltd.'s creditors are given until
Aug. 17, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Ivy Ma's shareholders agreed on June 20, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


IVY MA HOLDINGS: Proofs of Claim Must be Filed by Aug. 17
---------------------------------------------------------
Ivy Ma Holdings Cayman 8 Ltd.'s creditors are given until
Aug. 17, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Ivy Ma's shareholders agreed on June 5, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


IVY PARTNERS: Proofs of Claim Filing Is Until Aug. 23
-----------------------------------------------------
Ivy Partners Fund CI I Ltd.'s creditors are given until
Aug. 23, 2007, to prove their claims to John Cullinane and
Derrie Boggess, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Ivy Partners shareholders agreed on July 19, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidators can be reached at:

       John Cullinane
       Derrie Boggess
       c/o Walkers SPV Limited
       Walker House
       87 Mary Street, George Town
       Grand Cayman KY1-9002
       Cayman Islands
       Telephone: (345) 914-6305


JAPAN ADVISORY: Proofs of Claim Filing Ends on Aug. 31
------------------------------------------------------
Japan Advisory Ltd.'s creditors are given until Aug. 31, 2007,
to prove their claims to David A.K. Walker and Lawrence Edwards,
the company's liquidators, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Japan Advisory's shareholders agreed on June 25, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Lawrence Edwards
       Attention: Jodi Jones
       P.O. Box 258
       Grand Cayman KY1-1104
       Cayman Islands
       Tel: (345) 914 8694
       Fax: (345) 945 4237


LEVERAGED FUND: Proofs of Claim Must be Filed by Aug. 29
--------------------------------------------------------
The Leveraged Fund Ltd.'s creditors are given until
Aug. 29, 2007, to prove their claims to David A.K. Walker and
Lawrence Edwards, the company's liquidators, or be excluded from
receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Leveraged Fund's shareholders agreed on July 25, 2007, to place
the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       Lawrence Edwards
       Attention: Jodi Jones
       P.O. Box 258
       Grand Cayman KY1-1104
       Cayman Islands
       Tel: (345) 914 8694
       Fax: (345) 945 4237


LEVERAGED FUND: Sets Last Shareholders Meeting for Sept. 5
----------------------------------------------------------
Leveraged Fund Ltd. will hold its final shareholders meeting on
Sept. 5, 2007, at 10:00 a.m., at the office of the company.

These agendas will be taken during the meeting:

   1) accounting of the liquidation process showing how the
      winding up has been conducted during the preceding year,

   2) authorizing the liquidator to retain the records
      of the company for a period of three years from
      the dissolution of the company, after which they
      may be destroyed.

A member entitled to attend and vote at the meeting will be
allowed to appoint a proxy, who need not be a member, in his
stead.

The liquidator can be reached at:

         Lawrence Edwards
         Attention: Jodi Jones
         P.O. Box 258
         Grand Cayman KY1-1104
         Cayman Islands
         Tel: (345) 914 8694
         Fax: (345) 945 4237


MERCOSUR OPPORTUNITY: Proofs of Claim Filing Is Until Sept. 3
-------------------------------------------------------------
Mercosur Opportunity Fund's creditors are given until
Sept. 3, 2007, to prove their claims to Paulo Belluschi, the
company's liquidator, or be excluded from receiving any
distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Mercosur Opportunity's shareholders agreed to place the company
into voluntary liquidation under The Companies Law (2004
Revision) of the Cayman Islands.

The liquidator can be reached at:

       Paulo Belluschi
       Attention: Nick Robinson
       P.O. Box 265
       George Town, George Town
       Grand Cayman
       Cayman Islands
       Tel: 345 914 4216
       Fax: 345 814 8216


SYSTEIA ALTERNATIVE: Proofs of Claim Filing Ends on Aug. 31
-----------------------------------------------------------
Systeia Alternative Risk Trading Fund's creditors are given
until Aug. 31, 2007, to prove their claims to David A.K. Walker
and Lawrence Edwards, the company's liquidators, or be excluded
from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Systeia Alternative's shareholders agreed on June 22, 2007, to
place the company into voluntary liquidation under The Companies
Law (2004 Revision) of the Cayman Islands.

The liquidator can be reached at:

       David A.K. Walker
       Attention: Jodi Jones
       P.O. Box 258
       Grand Cayman KY1-1104
       Cayman Islands
       Tel: (345) 914 8694
       Fax: (345) 945 4237


WESTROCK LTD: Proofs of Claim Filing Deadline Is Sept. 3
--------------------------------------------------------
Westrock Ltd.'s creditors are given until Sept. 3, 2007, to
prove their claims to Guy F. Jaquier, the company's liquidator,
or be excluded from receiving any distribution or payment.

In their proofs of claim, creditors must indicate their full
names, addresses, the full particulars of their debts or claims,
and the names and addresses of their lawyers, if any.

Westrock Ltd's shareholders agreed to place the company into
voluntary liquidation under The Companies Law (2004 Revision) of
the Cayman Islands.

The liquidator can be reached at:

       Guy F. Jaquier
       Attention: Nick Robinson
       P.O. Box 265
       George Town, George Town
       Grand Cayman KY1-9001
       Cayman Islands
       Tel: 345 914 4216
       Fax: 345 814 8216




=========
C H I L E
=========


AES GENER: Sues Metrogas for Breaching NatGas Supply Contracts
--------------------------------------------------------------
AES Gener's subsidiary Electrica Santiago has sued natural gas
distributor Metrogas for allegedly failing to meet natural gas
supply contracts at the Nueva Renca thermo plant, Business News
Americas reports.

Electrica Santiago General Manager Rodrigo Osorio Borquez said
in a filing with the Chilean security regulator that the firm
will seek financial damages.  

Mr. Borquez admitted to BNamericas that he couldn't quantify
damages as natural gas was still not being delivered.

"Metrogas received natural gas in June and July of 2007 that was
property of Electrica Santiago.  They distributed it to others,
failing to meet their obligations to the Nueva Renca plant and
forcing it to incur heavy costs to satisfy its generation
obligations for Chile's central SIC grid," Mr. Osorio commented
to BNamericas.

                       About Metrogas

Headquartered in Buenos Aires, Argentina, Metrogas SA
-- http://www.metrogas.com.ar/-- distributes gas to Buenos    
Aires and southern and eastern greater metropolitan Buenos
Aires.  The Company has a 35-year concession that began in 1992
to provide natural gas in this area.  The concession is
renewable for an additional 10 years.  Metrogas supplies some 2
million customers in Buenos Aires through 15,840 km of
pipelines, representing about 26% of all gas retailed in
Argentina.   Metrogas is 45% owned by a subsidiary of UK gas
production company BG Group and 26% owned by a unit of Spanish
oil company Repsol YPF.

                       About AES Gener

AES Gener is the second-largest electricity generation group in
Chile in terms of generating capacity (20% market share) with an
installed capacity of 2,428 megawatts.  Gener serves both the
Central Interconnected System or SIC and the Northern
Interconnected System or SING through various subsidiaries and
related companies, including affiliate Guacolda and the
TermoAndes subsidiary.  TermoAndes has a generation capacity of
642.8 megawatts, which while located in Argentina serves Chile's
SING via InterAndes transmission line.  Gener also participates
in electricity generation in Colombia through Chivor
hydroelectric plant of 1,000 megawatts, and a 25% participation
in Itabo's facilities in the Dominican Republic (432.5
megawatts).  Gener is 91.2% owned by AES (IDR rated 'B+' by
Fitch).

                        *     *     *

On June 16, 2006, Fitch Ratings upgraded the local and foreign
currency Issuer Default Ratings of AES Gener SA to 'BB+' from
'BB'.  Fitch also upgraded Gener's senior unsecured debt rating,
which consists of US$400 million senior notes due 2014, to
'BB+'.  Moreover, Fitch revised Gener's Rating Outlook to
Positive from Stable.




===============
C O L O M B I A
===============


* COLOMBIA: Investing COP20 Bil. in Ethanol & Biodiesel Projects
----------------------------------------------------------------
Colombian agriculture minister Andres Felipe Arias told state
news agency SNE that the government will invest COP20 billion in
at least five new ethanol and biodiesel projects in the next
four years.

Business News Americas relates that Minister Arias said that
almost 40 million hectares of land are available to produce
biofuel crops including:

          -- palm,
          -- sugarcane, and
          -- yucca.

BNamericas notes that Colombia produces 1.1 million liters per
day of ethanol.  It produces 170,000 liters per day of biodiesel
from African palm.

Colombia wants to raise its capacity to 800,000 liters per day
by year-end, BNamericas states.

As reported in the Troubled Company Reporter-Latin America on
June 15, 2007, Standard & Poor's Ratings Services assigned its
'BB+' long-term senior unsecured rating to the Republic of
Colombia's proposed 2027 Global Titulos de Tesoreria bond, a
bond denominated in Colombian pesos but payable in US dollars.




===================
C O S T A   R I C A
===================


CINEMARK HOLDINGS: Earns US$47.9 Mil. in Quarter Ended June 30
--------------------------------------------------------------
Cinemark Holdings Inc.'s revenues for the three months ended
June 30, 2007, increased 49.1% to US$440.0 million from US$295.1
million for the three months ended June 30, 2006.  Admissions
revenues increased 54.8% and concession revenues increased
50.6%.  The increases were primarily related to a 24.1% increase
in attendance; a 25.1% increase in average ticket prices; and a
21.5% increase in concession revenues per patron, all of which
were favorably impacted by the acquisition of Century Theatres,
Inc. that occurred on Oct. 5, 2006.

Net income for the three months ended June 30, 2007, was US$47.9
million compared to net income of US$13.1 million for the three
months ended June 30, 2006.

Adjusted EBITDA for the three months ended June 30, 2007
increased 38.9% to US$95.7 million from US$68.9 million for the
three months ended June 30, 2006.  The company's Adjusted EBITDA
margin was 21.7% for the three months ended June 30, 2007.

"During the second quarter our solid performance was driven by
the strength of a few summer blockbuster films, the performance
of our international theatres, and the integration of the
Century acquisition," stated Alan Stock, Cinemark's Chief
Executive Officer.  "I believe the outlook for Cinemark is
positive with a good slate of movies for the remainder of the
year and a robust new theatre development pipeline.  In
addition, we have opened our first fully digital theatre which
will allow us to test the new technology and position ourselves
even better for long term profitable growth."

On June 30, 2007, the Company's aggregate screen count was
4,568, with screens in the United States, Canada, Mexico,
Argentina, Brazil, Chile, Ecuador, Peru, Honduras, El Salvador,
Nicaragua, Costa Rica, Panama and Colombia.  As of
June 30, 2007, the company had signed commitments to open nine
new theatres with 121 screens by the end of 2007 and open 12 new
theatres with 160 screens subsequent to 2007.

Cinemark Holdings, Inc. -- http://www.cinemark.com/ -- a leader   
in the theatre exhibition industry, operates 395 theatres and
4,479 screens in 37 states in the United States and
internationally in 13 countries, primarily in Mexico and South
and Central America.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Standard & Poor's Ratings Services revised its outlook on
Cinemark Inc. and subsidiary Cinemark USA Inc., which are
analyzed on a consolidated basis, to positive from stable.  At
the same time, Standard & Poor's affirmed its existing ratings
on Cinemark, including the 'B' corporate credit ratings.  The
Plano, Texas-based movie exhibitor had about US$3.1 billion in
total debt, including capitalized operating leases and pro forma
for its new senior secured credit facility, which closed on
Oct. 5, 2006.


CINEMARK HOLDINGS: Initiates Quarterly Dividend Policy
------------------------------------------------------
Cinemark Holdings Inc. has initiated a quarterly dividend
policy.  Consistent with the disclosures in its prospectus, the
dividend for the second quarter of 2007 is based on a quarterly
dividend rate of US$0.18 per common share, prorated based on the
April 27, 2007, closing date of the initial public offering.

Based on the above proration, the company's Board of Directors
has declared a cash dividend of US$0.13 per common share payable
on Sept. 18, 2007, to stockholders of record on Sept. 4, 2007.

"We are pleased to declare our first dividend, reflecting
Cinemark's strong performance and outlook," said Alan Stock,
Cinemark's Chief Executive Officer.  "While future payments will
be subject to Board approval, we are committed to returning
value to shareholders as we continue to drive cash flow and
deliver attractive returns over the long term."

The Company intends to pay a regular quarterly dividend at the
discretion of the Board of Directors, which will depend upon
many factors, including our results of operations, financial
condition, earnings, capital requirements, limitations in our
debt agreements and legal as well as other relevant factors.

Cinemark Holdings, Inc. -- http://www.cinemark.com/-- a leader  
in the theatre exhibition industry, operates 395 theatres and
4,479 screens in 37 states in the United States and
internationally in 13 countries, primarily in Mexico and South
and Central America.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Standard & Poor's Ratings Services revised its outlook on
Cinemark Inc. and subsidiary Cinemark USA Inc., which are
analyzed on a consolidated basis, to positive from stable.  At
the same time, Standard & Poor's affirmed its existing ratings
on Cinemark, including the 'B' corporate credit ratings.  The
Plano, Texas-based movie exhibitor had about US$3.1 billion in
total debt, including capitalized operating leases and pro forma
for its new senior secured credit facility, which closed on
Oct. 5, 2006.


DENNY'S CORP: M. Jenkins Leaves SVP & Chief Mktg. Officer Posts
---------------------------------------------------------------
Denny's Corporation and Margaret L. Jenkins, senior vice
president, marketing and chief marketing officer of the company,
agreed that Ms. Jenkins' employment with the company would
terminate effective Aug. 31, 2007.

In connection with her termination the company, through its
subsidiary Denny's Inc., and Ms. Jenkins entered into a
separation agreement, the material terms of which include, in
exchange for her complete release of any and all claims against
the company and her agreement to a 24-month non-compete and no
solicitation provision:

   i. a lump sum severance payment by the company to Ms. Jenkins
      in the amount of US$1,338,150 representing 200% of her
      current base salary, target annual incentive bonus and car   
      allowance;

  ii. the immediate vesting of all stock option awards from the
      company to Ms. Jenkins and the extension to Ms. Jenkins of
      the right to exercise her vested stock options for the
      lesser of the remaining term of the stock option or 36
      months; and

iii. a one-time payment from the company to Ms. Jenkins equal
      to, for a 24-month period, the difference between the
      COBRA rate for continuation of the company's group health
      benefits and the current active employee group health
      benefit premium rate.

                   About Denny's Corporation

Headquartered in Spartanburg, South Carolina, Denny's
Corporation (Nasdaq: DENN) -- http://www.dennys.com/-- is a  
full-service family restaurant chain in the U.S., with 521
company-owned units and 1,024 franchised and licensed units,
with operations in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.

                        *     *     *

Denny's Corp. carries Standard & Poor's 'B+' Long Term Foreign
Issuer and 'B+' Long Term Local Issuer ratings.




===================================
D O M I N I C A N   R E P U B L I C
===================================


* DOMINICAN REPUBLIC: Puts Cap on Ethanol Production
----------------------------------------------------
At the recently concluded PetroCaribe summit in Venezuela,
Dominican Republic President Leonel Fernandez announced that
part of the his country's sugar industry would be dedicated to
producing ethanol, Prensa Latina reports.

The Dominican Republic leader, however, said that to avoid
compromising food supply, ethanol production would be limited to
the amount necessary to replace gas and oil contaminants, the
same report adds.

In a separate interview, Dominican Foreign Affairs Minister
Carlos Morales Troncoso said that "marginalized land in the
country would only produce up to 10% of gasoline" to lower air
pollutants, Prensa Latina says.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 4, 2007, Moody's Investors Service upgraded the Dominican
Republic government's foreign- and local-currency bond ratings
to B2 from B3.  The Dominican Republic's foreign-currency
country ceiling was upgraded to Ba3 from B1.  The country's
ceiling for foreign-currency bank deposits was also upgraded to
B3 from Caa1.  Moody's said all ratings have stable outlook.




=============
E C U A D O R
=============


GEOKINETICS INC: Incurs US$14.2 Million Net Loss in Second Qtr.
---------------------------------------------------------------
Geokinetics Inc. posted a net loss of US$14.2 million for second
quarter of 2007, compared to US$1.6 million of net income in
2006.

Highlights include:

   -- Generated revenue increases of 108% and 121% for the three
      and six months ending June 30, 2007, respectively.

   -- Reported EBITDA decrease of US$3.8 million for the quarter
      ended June 30, 2007, compared to the quarter ended
      June 30, 2006, but an increase of US$9.0 million for the
      six months ended June 30, 2007, compared to the six months
      ended June 30, 2006.

   -- Raised approximately US$118 million net proceeds from a
      successful equity offering and American Stock Exchange
      listing, proceeds used to reduce debt by redeeming
      US$110.0 million Floating Rate Notes.

   -- Reported losses to common stockholders of US$15.5 million
      or US$(1.95) per fully diluted share and US$10.3 million
      or US$(1.53) per fully diluted share for the three and six
      months ended June 30, 2007, respectively.  Losses include
      US$6.9 million of non-recurring charges related to Notes
      redemption.

   -- Achieved record backlog in excess of US$375 million as of
      July 31, 2007, up from US$176 million (pro-forma) at
      June 30, 2006, fueled by 376% growth in international
      backlog.

   -- Increased capital budget for 2007 from US$82 million to
      US$101 million to accommodate new crew deployment in
      Argentina for recently awarded US$58 million project.
      Crew count expected to increase from 22 to 24 crews by
      year-end.

Revenue for the six months ended June 30, 2007, increased 121%
to US$182.6 million compared to US$82.8 million for the six
months ended June 30, 2006.  Revenue for the second quarter of
2007 increased 108% to US$71.6 million compared to US$34.4
million for the second quarter of 2006.  The increase in revenue
was primarily due to the acquisition of Grant Geophysical, Inc.
in September 2006 and investments to increase equipment
capacity.  

The company is providing EBITDA to facilitate comparisons with
prior performance and peers.  EBITDA decreased to US$1.0 million
for the second quarter of 2007, compared to US$4.8 million in
the second quarter of 2006.  The decline in EBITDA was primarily
due to the issues mentioned, the acceleration of a large job
that pulled a significant amount of work into the first quarter
and equipment problems that deferred some work from the second
quarter into the third.  EBITDA increased to US$19.6 million for
the first half of 2007, compared to US$10.6 million for the
first half of 2006 consistent with the revenue increases
previously mentioned above, in spite of the problems in the
second quarter.

Commenting on the second quarter's results, David A. Johnson,
Geokinetics' President and Chief Executive Officer, said "Our
results for the second quarter did not meet our expectations.  
Due primarily to adverse weather conditions and the loss of an
international contract, EBITDA was approximately US$4.0 million
lower than we expected.  While this shortfall is a
disappointment and significant to the second quarter given its
seasonal weakness, it represents only a small portion of the
company's annual plan.  Historically, on a pro-forma basis, the
second quarter has been our weakest because of the Canadian
spring break-up and the budgeting cycles of our international
customers.  The company typically see activity ramping-up
through the third and fourth quarters."

"We are very optimistic about our Company's growth prospects for
the remainder of 2007 and in 2008.  As of July 31, 2007, we
achieved a record backlog in excess of US$375 million, more than
double the US$176 million on a pro forma basis at the end of the
second quarter in 2006.  In July, we captured a large US$58
million international contract for seismic data acquisition in
Argentina where we will be deploying a new crew.  In addition,
we are seeing continued high levels of bid activity."

Mr. Johnson continued, "We are well along in the organic growth
program begun in July 2006.  In the twelve-month period ending
June 30, 2007, on a pro-forma basis, we invested US$72.8
million, including US$32.6 million in the first half of 2007, to
increase equipment capacity and recording channel count.  Our
current plans are to invest an additional US$68.1 million in the
second half of 2007.  Our record backlog is the basis for
increasing our total 2007 capital expenditure budget from
US$81.7 to US$100.7 million.  We expect this investment will
bring our nameplate crew capacity to 24 crews, upgrade three of
our existing U.S. crews and increase our channel count to
approximately 97,000 by year end.  The two new crews will be a
large land crew for Argentina and an ocean bottom cable crew in
Australia.  This new profit-generating capacity will help drive
our organic growth in the quarters ahead."

"During the quarter, we listed our common stock on the American
Stock Exchange with an equity offering of 4.5 million common
shares.  The proceeds from the equity offering were used to
redeem our Notes at an aggregate redemption price of US$113.3
million, resulting in a much stronger balance sheet.  By paying
off this debt, we lowered our current effective interest rate,
significantly reduced future interest expense and created a
strong balance sheet for supporting continued growth."

Mr. Johnson concluded, "We remain very positive about the
outlook for our industry, the returns on our investment in new
equipment and the continuing strength and quality of our
backlog."

Headquartered in Houston, Texas, Geokinetics Inc. --
http://www.geokineticsinc.com/-- is a global leader of seismic  
acquisition and high-end seismic data processing and
interpretation services to the oil and gas industry.
Geokinetics provides seismic data acquisition services in North
America, South America, Africa, Asia, Australia and the Middle
East.  Geokinetics operates in some of the most challenging
locations in the world from the Arctic to mountainous jungles to
the transition zone environments.  The company has operations in
Brazil, Colombia, Ecuador, Peru and Venezuela.

                        *     *     *

As reported in Troubled Company Reporter on Dec. 22, 2006,
Standard & Poor's Ratings Services affirmed its 'CCC+' issue
rating and '3' recovery rating on Geokinetics Inc.'s second
priority floating rate notes due in 2012, after the disclosure
that the offering will be increased to US$110 million from
US$100 million.




=====================
E L   S A L V A D O R
=====================


ALCATEL-LUCENT: Dresdner Kleinwort Upgrades Firm to Hold
--------------------------------------------------------
Dresdner Kleinwort analyst Per Lindberg has upgraded its rating
on Alcatel-Lucent's shares to "hold" from "sell," Newratings.com
reports.

According to Newratings.com, the target price for Alcatel-
Lucent's shares was set at EUR8.

Mr. Lindberg said in a research note that Alcatel-Lucent's share
price "represents the risk-reward equilibrium."

Due to "lackluster results and unclear guidance," Alcatel-
Lucent's pre-merger market capitalization" recently decreased by
EUR10 billion, Newratings.com states.

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable
service providers, enterprises and governments worldwide to
deliver voice, data and video communication services to end
users.  Alcatel-Lucent maintains operations in 130 countries,
including, Austria, Germany, Hungary, Italy, Netherlands,
Ireland, Canada, United States, Costa Rica, Dominican Republic,
El Salvador, Guatemala, Peru, Venezuela, Indonesia, Australia,
Brunei and Cambodia.  On Nov. 30, 2006, Alcatel and Lucent
Technologies Inc. completed their merger transaction, and began
operations as a communication solutions provider under the name
Alcatel-Lucent on Dec. 1, 2006.

                        *     *     *

As reported on April 13, 2007, Fitch Ratings affirmed Alcatel-
Lucent's ratings at Issuer Default 'BB' with a Stable Outlook,
senior unsecured 'BB' and Short-term 'F2' and simultaneously
withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services put a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.




===========
M E X I C O
===========


ADVANCED MICRO: S&P Rates US$1.5 Bil. Sr. Convertible Notes at B
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its B/Negative/--
corporate credit rating on Sunnyvale, California-based Advanced
Micro Devices Inc.  At the same time, S&P assigned its 'B'
rating to the company's US$1.5 billion 5.75% senior convertible
notes due 2012, and raised the rating on the company's existing
senior unsecured debt to B from B-, because the company no
longer has secured debt in its capital structure.
      
"The ratings on AMD reflect subpar execution of the company's
business plans, highly aggressive market conditions, and ongoing
substantially negative free cash flows, only partly offset by
the company's currently adequate operating liquidity and its
plans to monetize assets," said Standard & Poor's credit analyst
Bruce Hyman.  AMD is the second-largest supplier of
microprocessors and is a major supplier of other chips for
personal computers and consumer electronics.
     
Following competitor Intel Corp.'s (A+/Stable/A-1+) product-line
refresh in mid-2006, AMD's earlier technology lead and its
profitability have dwindled, while the largely debt-funded
acquisition of ATI Technologies Inc. reduced AMD's financial
flexibility to deal with marketplace challenges.  After
generating good operating profitability in late 2005 and early
2006, EBITDA weakened sharply, and was negative US$200 million
for the combined March and June 2007 quarters.  AMD has
generated about US$2.2 billion negative free cash flows in the
last four quarters, including large capital expenditures.
     
Cash balances stood at US$1.6 billion on June 30, 2007.  
Proceeds of the convertible senior notes will repay in full the
outstanding balance of its October 2006 term loan.  The note
sale somewhat reduces the company's interest expense, permits
the company to use cash proceeds of future asset sales for
general corporate purposes, and releases the company from
financial covenants that had been a part of the term loan.
     
AMD intends to reduce its future negative free cash flows
through a combination of operating cost reductions and lowered
capital expenditures, while liquidity should benefit from plans
to monetize about US$1 billion in assets over the near to
intermediate term.  Still, AMD must fundamentally correct its
operating losses and negative free cash flows within the next
several quarters, or find substantial additional sources of
liquidity over the intermediate term.

Advanced Micro Devices Inc. -- http://www.amd.com/-- (NYSE:   
AMD) designs and manufactures microprocessors and other
semiconductor products.  The company has a facility in
Singapore. It has sales offices in Belgium, France, Germany, the
United Kingdom, Mexico and Brazil.


BALLY TOTAL: Wants to Amend Joint Prepackaged Chapter 11 Plan
-------------------------------------------------------------
Bally Total Fitness Holding Corp. has filed a motion with the
U.S. Bankruptcy Court for the Southern District of New York
seeking approval to amend its Joint Prepackaged Chapter 11 Plan
of Reorganization to implement a superior alternative
restructuring proposal from Harbinger Capital Partners Master
Fund I, Ltd. and Harbinger Capital Partners Special Situations
Fund L.P. without the need to resolicit votes from its
creditors.

Under its proposal, Harbinger would invest approximately
US$233.6 million in exchange for 100% of common equity of the
reorganized Bally.  The amended plan would provide equal or
better treatment to holders of the company's 10-1/2% Senior
Notes due 2011 and its 9-7/8% Senior Subordinated Notes due
October 2007, as well as all other holders of unsecured claims
against the Company.  Holders of existing common stock in Bally
and certain other claims treated as equity in bankruptcy would
receive US$16.5 million in the aggregate.  Under the Existing
Plan, common stockholders would receive no distribution.  The
amended plan would also result in additional de-levering of the
company.  If the Bankruptcy Court grants the motions filed
Monday, the company should be able to implement the amended plan
and emerge from Chapter 11 within a similar timeframe as the
Existing Plan.

In its motion, Bally is seeking Court approval to pursue the
amended plan without further vote solicitation and to treat
previously received votes to accept the Existing Plan as votes
to accept the amended plan implementing the Harbinger-funded
restructuring.  Bally has also filed a motion seeking court
approval to enter into an Investment Agreement providing for
Harbinger's commitment to make its US$233.6 million equity
investment, and a Restructuring Support Agreement reflecting the
parties' commitment to implement the Harbinger-funded
restructuring through the amended plan.

Under the amended plan, the Company can still consummate the
restructuring set forth in the Existing Plan if the Harbinger-
funded restructuring cannot be consummated.  As previously
announced, the Existing Plan would be funded by US$90 million in
capital to be provided through the issuance of new senior
subordinated notes in a rights offering backstopped by funds
managed by Tennenbaum Capital Partners, LLC, Goldman Sachs &
Co., and Anschutz Investment Company.

Based in Chicago, Illinois, Bally Total Fitness Holding Corp.
(Pink Sheets: BFTH.PK) -- http://www.ballyfitness.com/--   
operates fitness centers in the U.S., with over 375 facilities
located in 26 states, Mexico, Canada, Korea, China and the
Caribbean under the Bally Total Fitness(R), Bally Sports
Clubs(R) and Sports Clubs of Canada (R) brands.  

Bally Total and its affiliates filed for chapter 11 protection
on July 31, 2007 (Bankr. S.D.N.Y. Case No. 07-12396) after
obtaining requisite number of votes in favor of their pre-
packaged chapter 11 plan.  Joseph Furst, III, Esq. at Latham &
Watkins, L.L.P. represents the Debtors in their restructuring
efforts.  As of June 30, 2007, the Debtors had US$408,546,205 in
total assets and US$1,825,941,546 in total liabilities.  

No schedule has been set to date for an organizational meeting
that would create an Official Committee of Unsecured Creditors.
The Court recently held that the meeting of creditors pursuant
to Section 341(a) of the Bankruptcy Code will not be convened,
and is canceled, if the Debtors' Plan of Reorganization is
confirmed on or prior to Oct. 16, 2007.


BENQ CORP: Denies Report on Design Center Spin-Off
--------------------------------------------------
BenQ Corp has no plans to spin off its Lifestyle Design Center
in September when the company officially separates its brand and
OEM business units, Jerry Wang, the Taiwan company's chief
marketing officer, told Digitimes.

Mr. Wang, according to the paper, made the remarks as response
to market reports stating that BenQ will spin off LDC in order
to reduce operating costs and that the company may eventually
set up a joint venture with Taiwan-based design house DEM.

Mr. Wang further clarified that BenQ has just agreed on a
cooperation with DEM on product development and will continue
that cooperation.  However, Mr. Wang stressed out, BenQ has no
plans to form a joint venture.

LDC currently has a team of over 50 design engineers working at
BenQ's offices in Taipei, Suzhou and Beijing, Daniel Shen of
Digitimes relates.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing  
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.  It has business
operations in Mexico.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                         *     *     *

As reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned
its long-term twBB+ and short-term twB corporate credit ratings
to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


BENQ CORP: Prager Claims Another EUR26 Mil. as Employees Bonus
--------------------------------------------------------------
BenQ Mobile Germany, through its insolvency administrator Martin
Prager, is again suing parent company BenQ Corp. for a further
EUR26 million (US$36 million) on top of more than EUR80 million
it is already claiming, Reuters reports.

Citing a statement from Mr. Prager's PR agency, Reuters relates
that the EUR26 million were partly for bonus payments promised
to Germany-based BenQ Mobile employees by the parent company
based in Taiwan, but which were in fact paid by the subsidiary,
BenQ Mobile.

According to the statement, Mr. Prager said that former BenQ
Mobile staff may have to pay back the bonuses if BenQ did not
pay up.  About 3,000 workers were made redundant through the
bankruptcy.

Reuters recounts that in the past, BenQ Corp. has already
rejected Mr. Prager's demands for payment to the unit's
creditors.

The parent firm said that it will spin off its struggling brand
and hope to return to profit at the end of 2007 or early next
year.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing  
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.  It has business
operations in Mexico.

BenQ Mobile has lost market share against giant competitors.  A
Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to secure a
buyer for the company by the Dec. 31, 2006 deadline.

                        *     *     *

As reported on Dec. 5, 2006, that Taiwan Ratings Corp., assigned
its long-term twBB+ and short-term twB corporate credit ratings
to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's continuing operating losses from its
handset operations and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


PRIDE INT'L: Selling Three Fleets to Ferncliff for US$213 Mil.
--------------------------------------------------------------
Pride International Inc. has signed a memorandum of agreement to
sell its fleet of three self-erecting, tender-assist rigs to
Ferncliff TIH AS of Norway for US$213 million in cash.  The sale
is expected to close by January 2008, subject to the novation of
drilling contracts on each unit and other customary closing
conditions.  Proceeds from the sale are expected to be utilized
for general corporate and strategic purposes, including
potential funding for the construction of the company's two
ultra-deepwater drillships and other future growth
opportunities.

The three tender-assist units, the Al Baraka I, Alligator and
Barracuda, are currently under contract to major international
oil and gas companies and operating offshore West Africa.  The
sale of the units is consistent with Pride's stated strategic
direction to focus its offshore drilling operations in deepwater
and other high specification assets.

Headquartered in Houston, Texas, Pride International Inc.
(NYSE: PDE) -- http://www.prideinternational.com/-- provides  
onshore and offshore contract drilling and related services in
more than 25 countries, operating a diverse fleet of 277 rigs,
including two ultra-deepwater drillships, 12 semisubmersible
rigs, 28 jackups, 16 tender-assisted, barge and platform rigs,
and 214 land rigs.  The company maintains worldwide operations
in France, Mexico, Kazakhstan, India, and Brazil, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Aug, 3, 2007, Moody's affirmed Pride International, Inc.'s
credit ratings following the company's announcement of the
acquisition of a newbuild drillship to be delivered in 2010.

The ratings affirmed include the Ba1 corporate family rating,
the Ba2 rating on Pride's US$500 million senior notes due 2014,
the Baa2 rating on its US$500 million senior secured credit
facility and speculative grade liquidity rating of SGL-2. The
outlook was stable.

Pride Ratings Affirmed:

  -- Ba1 CFR and Probability of Default Rating;

  -- US$500 million Senior Notes due 2014 rated Ba2 (LGD5, 71%);

  -- US$500 million Senior Secured Credit Facility rated Baa2
     (LGD2, 13%);

  -- Speculative Grade Liquidity Rating -- SGL-2;

  -- Senior Unsecured Shelf rated (P)Ba2 (LGD5, 71%);

  -- Subordinated Shelf rated (P)Ba2 (LGD6, 97%);

  -- Preferred Shelf rated Ba2 (LGD6, 97%);




===========
P A N A M A
===========


BANCO LATINOAMERICANO: Inks Joint-Venture Deal with FIMBank
-----------------------------------------------------------
Banco Latinoamericano de Exportaciones S.A. has signed a
memorandum of understanding with FIMBank p.l.c., Malta to
establish a joint-venture company that will offer full factoring
services to companies, banks and other financial institutions in
Latin America, with a focus on both international and domestic
markets.  The factoring business offers an attractive growth
opportunity for Bladex and FIMBank in Latin America as companies
seek to translate discounted receivables into improved cash
flow.

Jaime Rivera, Chief Executive Officer of Bladex, stated, "This
agreement with a world-class partner in FIMBank is further
evidence of Bladex's evolving trade finance franchise. With
FIMBank's expertise in factoring, coupled with Bladex's
knowledge of Latin America and distribution capabilities, this
joint venture will allow Bladex to offer a greater range of
trade finance-related products and further diversify its revenue
streams."

Margrith Lutschg-Emmenegger, President of FIMBank, stated, "We
are extremely honored to partner with Bladex to launch the
factoring product to Latin American countries under the most
professional standards.  Factoring is the fastest growing trade
finance product, outperforming all other instruments in
international as well as domestic trade, especially with regards
to Small and Medium-Sized Enterprises (SME's), a very important
sector that supports and benefits the global economy."

                         About Bladex

Headquartered in Panama City, Panama, Banco Latinoamericano de
Exportaciones, SA aka Bladex -- http://www.bladex.com-- is a   
supranational bank originally established by the Central Banks
of Latin American and Caribbean countries to promote trade
finance in the Region.  The bank's shareholders include central
banks and state- owned entities in 23 countries in the Region,
as well as Latin American and international commercial banks,
along with institutional and retail investors.  Through
Dec. 31, 2005, Bladex had disbursed accumulated credits of over
US$135 billion.

                        *     *     *

As reported on April 7, 2006, Moody's affirmed these ratings for
Bladex:

   -- Bank Financial Strength Rating: D-minus, change to
      positive outlook from stable;

   -- Long Term Foreign Currency Deposit Rating: Baa3, with
      stable outlook;

   -- Short Term Foreign Currency Deposit Rating: Prime-3;

   -- Foreign Currency Senior Unsecured Rating: Baa3, with
      stable outlook; and

   -- Foreign Currency Issuer Rating: Baa3, with stable
      outlook.




===============
P A R A G U A Y
===============


AGILENT TECHNOLOGIES: Inks Agreement to Acquire NetworkFab
----------------------------------------------------------
Agilent Technologies Inc. and NetworkFab Corp. have signed a
definitive agreement for NetworkFab to join Agilent.  Privately
held NetworkFab designs and builds advanced signal intelligence,
communications and jammer systems for the U.S. military,
intelligence agencies and law enforcement groups.  The
transaction is subject to various standard closing conditions
and is expected to close in 30 to 60 days.  Financial details
were not disclosed.

NetworkFab's core competencies are in radio frequency
communications, including direction finding, jamming, antenna
design, networking, software design and custom systems
engineering.

When the acquisition is final, NetworkFab will become a key part
of Agilent's recently formed Signal Networks Division,
specifically targeted to aerospace/defense.  Agilent has a long
history of market leadership in the test and measurement
industry, including aerospace/defense.  By acquiring NetworkFab,
Agilent will expand its presence in operational environments to
support U.S. government prime contractors.

"NetworkFab will bring world-class talent and state-of-the-art
technologies to Agilent, strengthening our presence in the
aerospace/defense market," said Tom Burrell, vice president and
general manager of Agilent's Signal Networks Division.  "We look
forward to becoming a more significant supplier of SIGINT and EW
subsystems, and NetworkFab will help us become a major player in
this market."

"We are very excited to join Agilent and be part of one of the
perennial Silicon Valley companies, with a great history and
reputation," said Rick Lu, president and CEO of NetworkFab.  
"Agilent's engineering and technology-driven culture is a good
match with NetworkFab's corporate culture.  The acquisition will
help us accelerate our products and technologies to market, and
continue to serve our important government, military and
intelligence customers.  We will have a stronger market
positioning to win both larger, and greater numbers, of jobs."

                      About NetworkFab

Based in Santa Clara, Calif., NetworkFab Corp. --
http://www.networkfab.com/-- builds state-of-the-art signal  
intelligence, direction finding, communications and electronic
warfare systems for military groups, intelligence agencies and
law enforcement groups.  The company provides off-the-shelf
products and can also rapidly develop custom solutions.
NetworkFab was founded in 2000.

                About Agilent Technologies

Agilent Technologies Inc. (NYSE: A) -- http://www.agilent.com/  
-- is the world's premier measurement company and a technology
leader in communications, electronics, life sciences and
chemical analysis.  The company's 19,000 employees serve
customers in more than 110 countries.

The company has operations in India, Argentina, Puerto Rico,
Bolivia, Paraguay, Venezuela, and Luxembourg, among others.

                        *     *     *

Agilent Technologies Inc. carries Moody's Investors Service
'Ba1' corporate family rating.


TELECOM PERSONAL: Investing US$25 Mil. in 3G Network This Year
--------------------------------------------------------------
Telecom Personal Chief Executive Officer Carlos Felices said in
a conference call that the firm would invest US$25 million in
its recently launched 3G network in 2007.

Business News Americas relates that Telecom Personal launched in
May 2007 its 3G network in a limited area in Buenos Aires.

Mr. Felices commented to BNamericas, "Our plan is to expand the
network to the north of Buenos Aires and to provide coverage in
other big cities such as Rosario and Cordoba by year-end."

Future expansion plans will depend on market demand, BNamericas
says, citing Mr. Felices.  South Korea's mobile manufacturers
Samsung and LG are currently offering 3G-compatible handsets in
Argentina.

"We expect the rest of the vendors will be launching handsets in
the near future," Mr. Felices told BNamericas.

Telecom Personal Marketing Director Guillermo Rivaben said that
the firm would have one million clients using 3G services in two
years, BNamericas says.

According to BNamericas, Telecom Personal is offering its
clients:

          -- mobile broadband,
          -- videoconferencing,
          -- multimedia downloads,
          -- E-mail, and
          -- instant messaging at higher speeds.

Telecom Personal is the wireless provider of Telecom Argentina
SA, providing services in Argentina and Paraguay over a GSM
network.  The company has 7.7 million users, with an estimated
30% market share in Argentina and a customer mix of 66% prepaid
and 34% postpaid as of June 30, 2006.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Nov. 13, 2006, Fitch Ratings affirmed Telecom Personal SA's
foreign and local currency Issuer Default Rating at 'B', and the
senior unsecured at 'B/RR4', and revised the Rating Outlook of
the international scale IDRs to Positive from Stable.
Approximately US$200 million in debt is affected by the rating
action.  Fitch has also upgraded the national scale rating of
Personal to 'A(arg)' from 'BBB+(arg)' with a stable rating
outlook.




=====================
P U E R T O   R I C O
=====================


FOOT LOCKER: Declares US$0.125 Per Share Quarterly Dividend
-----------------------------------------------------------
Foot Locker Inc.'s Board of Directors declared a quarterly cash
dividend on the company's common stock of US$0.125 per share,
which will be payable on November 2, 2007 to shareholders of
record on October 19, 2007.

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and   
apparel.  The company operates approximately 3,900 athletic
retail stores in 17 countries in North America, The Netherlands
and Australia under the brand names Foot Locker, Footaction,
Lady Foot Locker, Kids Foot Locker, and Champs Sports.  The
company also has about 350 Footaction stores in the US and
Puerto Rico, which sell footwear and apparel to young urbanites.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
June 21, 2007, Standard & Poor's Ratings Services said its
ratings, including the 'BB+' corporate credit rating, on New
York City-based specialty footwear retailer Foot Locker Inc.
remain on CreditWatch with negative implications.  This rating
action follows the announcement that Genesco (BB-/Watch
Developing/--) accepted an offer from The Finish Line Inc. for
US$1.53 billion (US$54.50 per share) on June 18, 2007.  Foot
Locker made two bids for Genesco earlier this year, but they
were subsequently rejected after Genesco's board concluded the
proposals were not in the best interest of its shareholders.


HORIZON LINES: Completes Capital Refinancing Transaction Series
---------------------------------------------------------------
Horizon Lines Inc. has closed on all transactions related to its
capital structure refinancing.  Earnings and free cash flow
guidance for the third quarter and full year 2007 were also
increased in recognition of the benefits resulting from the
refinancing.
    
Horizon Lines completed a series of transactions:

   -- repaid the US$193.1 million balance, interest and fees on
      its LIBOR plus 2.25% senior credit facility;
    
   -- repaid the US$314.3 million balance, call premiums and
      interest on its 9% senior notes and 11% senior discount
      notes;
    
   -- entered into a new US$375 million senior credit facility
      at LIBOR plus 1.50% with initial borrowings of US$258.5
      million;
   
   -- issued US$330 million of 4.25% convertible notes;
    
   -- entered into separate hedging transactions at a net pretax
      cost of US$40.6 million or US$24.6 million after future
      tax benefits to increase the conversion premium on the
      convertible notes from 30% to 80%;
    
   -- purchased 1 million shares of its common stock for
      US$28.6 million; and
    
   -- paid transaction costs of US$11.8 million.
    
Interest savings from the new structure are expected to be
US$1.7 million on a pretax basis or US$1.2 million after tax in
the third quarter, and US$5 million pretax or US$3.5 million
after tax for 2007, under current accounting methods.

Interest expense savings in 2008 are expected to be US$15
million on pretax basis or US$10.5 million on an after tax
basis, under current accounting methods.
    
As a result of the refinancing, the company is increasing its
financial guidance.  Earnings per share guidance for the third
quarter was increased to US$.59 - US$.66 and earnings per share
guidance for 2007 was increased to US$1.56 - US$1.68, both
excluding the impact of one-time expenses.

Horizon Lines' previous earnings guidance for earnings per share
was US$.56 to US$0.63 for the third quarter and US$1.46 to
US$1.58 the full year 2007.  Free cash flow guidance for 2007
was also increased to reflect the benefits of the refinancing to
US$34 millon to US$41 million from the previous US$30 millioin
US$37 million.  Free cash flow benefits in 2008 are expected to
be US$13 million.
    
"Horizon Lines closed on a refinancing of our capital structure
that will yield benefits in terms of a lower cost of capital,
improved cash flow, enhanced flexibility and greater liquidity,"
Chuck Raymond, chairman, president and chief executive officer,
said.
    
"This new capital structure represents an opportunistic
refinancing that is cash flow positive, EPS accretive and
provides access to low cost capital that will allow us to take
advantage of future growth opportunities", Mark Urbania, senior
vice president and chief financial officer, said.  "We are
pleased with the very execution of this refinancing in a
challenging credit market and believe the refinancing
demonstrates the market's confidence in Horizon Lines and its
strategy".
    
                     About Horizon Lines
    
Headquartered in Charlotte, North Carolina, Horizon Lines Inc.
(NYSE: HRZ) -- http://www.horizonlines.com/-- is a Jones Act  
container shipping and integrated logistics company and is the
parent company of Horizon Lines Holding Corp. and Horizon Lines
LLC.  The company accounts for approximately 37% of total U.S.
marine container shipments from the continental U.S. to the
three non-contiguous Jones Act markets -- Alaska, Hawaii, and
Puerto Rico, and Guam.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 31, 2007, Standard & Poor's Ratings Services assigned its
'B' rating to Horizon Lines Inc.'s (BB-/Stable--) proposed
US$300 million senior convertible notes offering due 2012.
Proceeds from the notes offering, combined with proceeds from a
planned new credit facility, will be used primarily to repay its
outstanding 9% senior notes due 2012 and its 11% senior discount
notes due 2013.  The company launched a tender offer for these
notes on July 17, 2007.  The tender offer expires on
July 30, 2007.  The Charlotte, North Carolina-based shipping
company currently has about US$800 million of lease-adjusted
debt.


MENNONITE GENERAL: Fitch Lifts US$43.2-Mil. Bonds' Rating to BB-
----------------------------------------------------------------
Fitch upgrades to 'BB-' from 'B+' the rating on approximately
US$43.2 million Puerto Rico Industrial, Tourist, Educational,
Medical, and Environmental Control Facilities Financing
Authority hospital revenue bonds (Mennonite General Hospital
Project), series 1996A and series 1997.  The rating outlook is
stable.

The upgrade to 'BB-' from 'B+' is primarily due to Mennonite's
stabilization of operating performance and completion of a major
facility upgrade, which has led to increased utilization.
Mennonite ended fiscal year 2007 with positive income from
operations of US$4.9 million (4.2% operating margin), the third
consecutive year of positive operating earnings after 5 years of
operating losses.  These trends are driven by increasing patient
volume and management initiatives, such as reductions in length
of stay for Medicare patients, developed with the assistance of
a consultant team.  Through the first three months of fiscal
2008 ended May 31, 2007, Mennonite's operating margin was a
robust 10.7%. Coverage of maximum annual debt service by
earnings before interest, tax, depreciation and amortization was
3.3 times at fiscal 2007.  Ongoing credit strength is
Mennonite's dominant market share.

Credit concerns include extremely low liquidity levels, a high
debt burden and reliance on top admitting physicians.  
Unrestricted cash and investments grew to US$5 million at the
five months ended May 31, 2007, equating to weak 18.2 days cash
on hand and 9.8% cash to debt.  This is still well below Fitch's
below investment grade medians of 54.1 and 38.0% respectively.  
Despite an expectation of continued solid cash flow, further
liquidity improvements are unlikely given Mennonite's stated
commitment to expansion and upgrades going forward.  Mennonite's
debt to capitalization ratio was a high 61.9% at the five months
ended May 31, 2007.  The top 10 admitting physicians continue to
account for a very high percentage of total admissions at
Mennonite's two hospitals, New Cayey and Aibonito at 54% and
65.6% respectively, exposing Mennonite to reductions in volumes
due to physician departures.

The stable rating outlook reflects the expectation that
utilization growth and positive operating performance should
continue over the short term.  Further, leverage indicators are
expected to improve as management has no plans to use
significant debt to fund capital expenditures in foreseeable
future.

Mennonite General Hospital is a two hospital system with a
combined 266 licensed beds (266 operated), located in Cayey and
Aibonito Puerto Rico.  Mennonite had total operating revenues of
US$115.3 million in fiscal 2007.  Mennonite's disclosure to both
Fitch and bondholders has been excellent in terms of timeliness
and accuracy and consists of balance sheet, income statement,
management discussion and analysis, and various operating
statistics but not the statement of cash flows.


NEWCOMM WIRELESS: Files Disclosure Papers in Puerto Rico Court
--------------------------------------------------------------
Newcomm Wireless Services, Inc., has delivered to the U.S.
Bankruptcy Court for the District of Puerto Rico a Disclosure
Statement explaining its Chapter 11 Plan of Reorganization.

The Debtor's Plan provides for the orderly distribution of the
proceeds from the sale of its assets to PRWireless, Inc., for
US$158,636,874.  Newcomm received proofs of claim totaling
US$250 million.   

A fundamental component of the Plan is the Telefonica Settlement
Agreement, which resolves several inter-related complex
litigations.  Each group of claimants will receive distribution
under the plan.

            Treatment of Claims and Interest

Under the Debtor's plan, US$1.7 million of allowed
administrative and US$1 million of priority claims will be paid
in full.  Tax claims will be satisfied in accordance with
Section 507(a)(8) of the Bankruptcy Code.

Secured claims, amounting to US$100,000 will be unimpaired,
meaning, holders will be paid in full.

General unsecured creditors, holding an aggregate US$10 million
in claims, will receive cash in satisfaction of whatever part of
their claims will be deemed "allowed."

The Debtor's equity holders will receive a share on the sale
proceeds up to US$17.5 million in accordance with the terms of
the Telefonica Settlement Agreement.

              Telefonica Settlement Agreement

On May 7, the Debtor reached a compromise with the Telefonica
Group in full settlement of its claims against Newcomm.

As part of the compromise and settlement, pursuant to the terms
of the Plan and subject to the occurrence of the Effective Date:

   i) all claims filed by the Telefonica Group in the
      Chapter 11 case will be voluntarily subordinated to the
      Allowed Claims of the Debtor's other unsecured creditors;

  ii) the unsecured claim filed by ClearComm will be
      disallowed for all purposes;

iii) the Equity Group Equity Interests will share in
      US$17,500,000 after payment of:

      a) Allowed Secured Claims
      b) Allowed Claims of Holders of Administrative
         Claims;
      c) Allowed Priority Tax Claims;
      d) Allowed Priority Non-Tax Claims;
      e) Allowed Non-DIP Facility Secured Claims; and

      f) all Allowed General Unsecured Claims (with
         the exception of the claims filed by the Telefonica
         Group and ClearComm); and

  iv) the balance of the Residual Amount - estimated
      at US$12,500,000 -- will be distributed to the Holders
      of the Telefonica Group Equity Interests in full
      satisfaction of all Claims voluntarily subordinated as
      well as all Interests held by any member of the
      Telefonica Group.

            Disclosure and Confirmation Hearing

A hearing to consider approval of the Disclosure Statement will
be held Aug. 30 at 9:30 a.m. before the Honorable Enrique S.
Lamoutte in the United States Bankruptcy Court for the District
of Puerto Rico, located in:

         United States Courthouse
         Jose V. Toledo Federal Bldg.
         300 Calle Del Recinto Sur
         San Juan, PR 00901-0901

The Court schedules a confirmation hearing on Oct. 5, 2007 at
9:30 a.m.

Objections to the Plan, if any, must be addressed to:

a) Debtor's counsel

       Sonnenschein Nath & Rosenthal LLP
       Attn: Mark A. Fink
       1221 Avenue of the Americas,
       New York, New York 10020

           -- and --

       Conde & Assoc.
       Attn: Carmen D. Conde Torres
       254 San Jose Street
       5th Floor
       Old San Juan, Puerto Rico 00901

b) the Official Committee of Unsecured Creditors' counsel

       Foley & Lardner LLP
       Attn: Mark J. Wolfson
       100 North Tampa Street
       Suite 2700
       Tampa, Fla. 33602

           -- and --

       Goldman Antonetti & Cordova, P.S.C.
       Attn: Mildred Caban
       American International Plaza
       14th Floor
       Hato Rey, PR 00918

c) counsel for PRWireless

       Edwards Angell Palmer & Dodge, LLP
       Attn: Stuart M. Brown
       919 North Market Street
       15th Floor
       Wilmington, Delaware 19801

           -- and --

       O'Neill & Borges
       Attn: David P. Freedman
       American International Plaza
       250 Munoz Rivera Avenue
       Suite 800
       San Juan, Puerto Rico 00918-1813

d) Office of the United States Trustee
  
       Edward Godoy
       Ochoa Building
       500 Tanca Street
       Suite 301
       San Juan, Puerto Rico 00901

Based in Guaynabo, Puerto Rico, NewComm Wireless Services Inc.
is a PCS company that provides wireless service to the Puerto
Rico market.  The company is a joint venture between ClearComm,
L.P. and Telefonica Larga Distancia.  The company filed for
chapter 11 protection on Nov. 28, 2006 (Bankr. D. P.R. Case No.
06-04755).  Carmen D. Conde Torres, Esq., at C. Conde &
Assoc. and Peter D. Wolfston, Esq., at Sonnenschein Nath &
Rosenthal LLP represent the Debtor in its restructuring efforts.  
Mark J. Wolfson, Esq. at Foley & Lardner LLP and Sergio A.
Ramirez de Arellano, Esq., at Sergio Ramirez de Arrelano Law
Office represent the Official Committee of Unsecured Creditors.  
In its schedules, the Debtor disclosed total assets of
US$111,652,190 and total debts of US$190,695,559.




=============
U R U G U A Y
=============


HSBC URUGUAY: Fitch Lifts Foreign Currency IDR to BB+ from BB
-------------------------------------------------------------
Fitch Ratings has upgraded HSBC Bank (Uruguay) S.A.'s foreign
currency Issuer Default Rating to 'BB+' from 'BB' and its local
currency IDR to 'BBB-' from 'BB+'.  The rating outlook is
revised to stable from positive.  This rating action follows the
recent upgrade of Uruguay's sovereign ratings.

The National long-term rating of 'AAA(uy)', and the bank's
Support rating of '3', remains unchanged.

The international ratings of HSBC-Uruguay are constrained by
those of the sovereign.  The bank's foreign currency IDR is at
the country ceiling, while its local currency IDR is two notches
above that of the Uruguayan sovereign.  These ratings, along
with the bank's support rating, reflect the bank's solid
ownership structure and its shareholder's strong commitment to
the bank.

HSBC Bank (Uruguay) offers personal banking services as well as
commercial banking services to important clients of the HSBC
Group. Bank (Uruguay) is fully owned by HSBC Latin America
Holdings (UK) Limited, which in turn is a subsidiary of HSBC
Holdings Plc.




=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: Forming Company with Bolivian Firm
----------------------------------------------------------
Venezuelan state-run oil firm Petroleos de Venezuela SA will
finalize a deal with Bolivian counterpart Yacimientos
Petroliferos Fiscales Bolivianos in two months for the creation
of joint venture YPFB-Petroandina, Business News Americas
reports.

Bolivian state news agency Agencia Boliviana de Informacion
relates that Venezuelan President Hugo Chavez signed a deal with
Bolivian counterpart Evo Morales to create the joint venture,
which will conduct exploration and production in the La Paz
department in Bolivia.

According to BNamericas, Yacimientos Petroliferos will own 60%
of YPFB-Petroandina.  Meanwhile, Petroleos de Venezuela will
hold 40%.

President Chavez said in a report, "It's a Bolivian company and
that's how it should be.  We only came to cooperate."

BNamericas notes that Yacimientos Petroliferos will assign one
or more areas in northern La Paz for exploration and production.

The report says that YPFB-Petroandina will invest some US$600
million in exploration.  Yacimientos Petroliferos will provide
US$360 million of the investment.  

YPFB-Petroandina would invest some US$800 million in
exploration, Agencia Boliviana says, citing Venezuela's
ambassador to Bolivia.

"This JV [joint venture] will start with an investment of
US$600mn and if it gets results in exploration and we move on to
production, the investment will increase," Bolivian hydrocarbons
minister Carlos Villegas told Agencia Boliviana.

Petroleos de Venezuela SA -- http://www.pdv.com/-- is
Venezuela's state oil company in charge of the development of
the petroleum, petrochemical and coal industry, as well as
planning, coordinating, supervising and controlling the
operational activities of its divisions, both in Venezuela and
abroad.  The company has a commercial office in China.

As reported on March 28, 2007, Standard & Poor's Ratings
Services assigned its 'BB-' senior unsecured long-term credit
rating to Petroleos de Venezuela S.A.'s US$2 billion notes due
2017, US$2 billion notes due 2027, and US$1 billion notes due
2037.


TIMKEN COMPANY: Moody's Affirms Ba1 Medium Term Notes Rating
------------------------------------------------------------
Moody's Investors Service revised Timken's ratings outlook to
positive from stable.

The positive outlook reflects improvements in the company's
operating performance and leverage as well as Moody's view that
the company's margin volatility may have been reduced as a
result of the business transformation initiatives it has pursued
in the past few years.  At the same time, Moody's affirmed
Timken's Ba1 corporate family rating and the Ba1 rating on
Timken's US$300 million Medium Term Notes, Series A.

Moody's Ba1 ratings reflect Timken's market position as a
leading producer of tapered roller and needle bearings, its
well-regarded reputation and long operating history, along with
its moderate leverage and reduced pension underfunding.  
However, the Ba1 ratings incorporate Moody's concern over the
ongoing poor operating performance of its automotive segment,
which comprises a significant proportion of the company's end
market exposure, low operating margins, and modest free cash
flow, which is due in part to elevated capital expenditures in
support of growth initiatives, working capital pressures and
pension contributions.

The stronger credit profile of the company reflects the
expansion into new industrial segments and international
markets, as well as the de-leveraging efforts in large part due
to the company's materially improved pension funding status
having made US$900 million in contributions to the plan since
2002.  The company continues to pursue growth initiatives, such
as its move into high growth markets, particularly, aerospace
and industrial, strategic divestitures of unprofitable
businesses and the expansion of global distribution channels.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered  
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.


* VENEZUELA: Selling US$1.5 Billion of Dollar Bonds This Week
-------------------------------------------------------------
The Venezuelan government will be selling this week about US$1.5
billion of dollar-denominated bonds, Bloomberg News reports.  
This offering is part of the so-called "Bond of the South" that
Venezuela and Argentina are jointly issuing.

Of the total bonds to be offered to investors, US$500 million
will be made up of Argentine bonds due 2015.  The rest would be
Venezuelan bonds that will become due 2017 and 2019, according
to the same report. The bonds will pay interest rates of 7%,
6.25%, and 5.25%, respectively.

Venezuelan Finance Minister Rodrigo Cabezas told Bloomberg that
proceeds from the sale will be used to "finance debt servicing
and pay off amortizations."

Local investors will be allowed to acquire the dollar bonds
using bolivars and must buy equal amounts of the three bonds,
Bloomberg says.  

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 20, 2006,
Fitch Ratings affirmed Venezuela's long-term foreign and local
currency Issuer Default Ratings at 'BB-'.  At the same time, the
agency also affirmed the short-term foreign currency IDR at 'B'
and the Country Ceiling at 'BB-'.  Fitch said the ratings'
outlook remained stable.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------

July 5, 2007
TURNAROUND MANAGEMENT ASSOCIATION
  SummerFest
     Milwaukee's Lake Front, Milwaukee, Wisconsin
        Contact: 815-469-2935 or www.turnaround.org

July 5, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA-SA Exco Meeting
        Deloitte Place, Sandton, South Africa
           Contact: www.turnaround.org

July 12, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
        University Club, Jacksonville, Florida
           Contact: http://www.turnaround.org/

July 12, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Young Professionals Billiards Night
        TBD, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

July 12-15, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Northeast Bankruptcy Conference
        Marriott, Newport, Rhode Island
           Contact: 1-703-739-0800; http://www.abiworld.org/

July 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Body of Knowledge - CTP Review Class
        Chicago, Illinois
           Contact: http://www.turnaround.org/

July 17, 2007
  BEARD AUDIO CONFERENCES
     China's New Enterprise Bankruptcy Law
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

July 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast & TMA Executive Board Meeting
        Cornell Club, New York, New York
           Contact: 646-932-5532 or www.turnaround.org

July 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida / Secured Lenders Marlins Baseball Game
        Dolphin Stadium, Florida
           Contact: 561-882-1331 or www.turnaround.org

July 18, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     South Florida Dinner
        TBA, South Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Mystic Blue Boat Cruise
        Navy Pier, Chicago, Illinois
           Contact: 815-469-2935 or www.turnaround.org

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     5th Annual Night of Excellence
        Petersen Automotive Museum, Los Angeles, California
           Contact: 310-458-2081 or www.turnaround.org

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Mystic Blue Boat Cruise
        Navy Pier, Chicago, Illinois
           Contact: 815-469-2935 or www.turnaround.org

July 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Young Professionals Networking Event
        Location TBA, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or www.turnaround.org

July 23, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Charity Networking Event
        Loews Hotel, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or www.turnaround.org

July 23, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Event Fundraiser
        Loews Hotel, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or www.turnaround.org

July 23-24, 2007
  FINANCIAL RESEARCH ASSOCIATES
     Financial Restructuring 101 & 102
        The Flatotel, New York, New York
           Contact: http://www.frallc.com/

July 25, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Brown Bag Lunch
        Reid & Riege, New Haven, Connecticut
           Contact: www.iwirc.org

July 25-28, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     12th Annual Southeast Bankruptcy Workshop
        The Sanctuary, Kiawah Island, South Carolina
           Contact: http://www.abiworld.org/

July 26, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        TBA, Arizona
           Contact: http://www.turnaround.org/

July 26, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Golf Social Event
        Crystal Lake Golf Club, Lakeville, Minnesota
           Contact: 612-708-0258 or www.turnaround.org

July 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Colorado Chapter Annual Golf Tournament
        Kings Deer Golf Club, Monument, Colorado
           Contact: 303-847-5026 or www.turnaround.org

July 28, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Lake Tahoe Cruise: Getting to Know Your Nevada Associations
        Zephyr Cove, Lake Tahoe, Nevada
           Contact: 702-952-2480 or www.turnaround.org

July 31, 2007
  BEARD AUDIO CONFERENCES
     Non-Traditional Lenders and the Impact of
        Loan-to-Own Strategies on the
           Restructuring Process
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

July 31, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Enterprise Florida: Improving Florida's
        Business Climate and Helping Florida Companies
           Market Overseas
              Citrus Club, Orlando, Florida
                 Contact: http://www.turnaround.org/

Aug. 2, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA-SA Board Meeting
        Deloitte Place, Sandton, South Africa
           Contact: http://www.turnaround.org/

Aug. 3, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Women's Spa Event
        Short Hills Hilton, Livingston, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 9, 2007  
  BEARD AUDIO CONFERENCES
     Technology as a Competitive Advantage For Today's Legal
Processes
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

Aug. 9-11, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     3rd Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 9, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Brown Bag Lunch
        Blum Shapiro & Co., West Hartford, Connecticut
           Contact: www.iwirc.org

Aug. 10, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Olympics Sportsman's Lunch
        Sofitel, Brisbane, Queensland, Australia
        Contact: 1300 303 863 or www.turnaround.org

Aug. 10, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Body of Knowledge - CTP Review Class
        Chicago, Illinois
           Contact: http://www.turnaround.org/

Aug. 16, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Colorado Chapter Annual Brew Pub & Pool Social
        Wynkoop Brewing Company, Denver, Colorado
           Contact: 303-847-5026 or www.turnaround.org

Aug. 16, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Young Professionals Networking Event
        TBA, Philadelphia, Pennsylvania
           Contact: 215-657-5551 or www.turnaround.org

Aug. 17, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Fishing Trip
        Point Pleasant, New Jersey
           Contact: 908-575-7333 or www.turnaround.org

Aug. 23-26, 2007
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Drake Hotel, Chicago, Illinois
           Contact: http://www.nabt.com/

Aug. 24, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Fishing Trip
        Point Pleasant, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Healthcare Panel
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Aug. 29-30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     3rd Annual Northeast Regional Conference
        Gideon Putnam Resort and Spa, Saratoga Springs,
           New York
              Contact: http://www.turnaround.org/

Sept. 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or www.turnaround.org

Sept. 6-7, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Complex Financial Restructuring Program
        Four Seasons, Las Vegas, Nevada
           Contact: http://www.turnaround.org/

Sept. 6-8, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Southwest Bankruptcy Conference
        Four Seasons, Las Vegas, Nevada
              Contact: http://www.abiworld.org/

Sept. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Annual Networking at the Yards
        Oriole Park at Camden Yards, Baltimore, Maryland
           Contact: 215-657-5551 or www.turnaround.org

Sept. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Body of Knowledge - CTP Review Class
        Chicago, Illinois
           Contact: http://www.turnaround.org/

Sept. 18, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     14th Annual Connecticut Children's Medical Center
        Fundraiser Golf Outing
           Woodbridge Country Club, Woodbridge, Connecticut
              Contact: 203-265-2048 or www.turnaround.org

Sept. 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Buying and Selling Troubled Companies
        Marriott North, Fort Lauderdale, Florida
           Contact: http://www.turnaround.org/

Sept. 20, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Lean Transformation at Current and Other Case Studies
        Denver Athletic Club, Denver, Colorado
           Contact: http://www.turnaround.org/

Sept. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Retail Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Sept. 26, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Joint Educational & Networking Reception
        TBD, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 26-27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Florida Annual Golf Tournament
        Tampa, Florida
           Contact: 561-882-1331 or www.turnaround.org

Sept. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        TBA, Arizona
           Contact: http://www.turnaround.org/

Sept. 27-30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     8th Annual Cross Border Business
        Restructuring & Turnaround Conference
           Contact: http://www.turnaround.org/

Oct. 2, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        TBD, Bridgewater, New Jersey
           Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 4, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or www.turnaround.org

Oct. 5, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     ABI/GULC "Views from the Bench"
        Georgetown University Law Center
           Washington, District of Columbia

Oct. 9-10, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
     CONFEDERATION
        IWIRC Annual Fall Conference
           Orlando, Florida
              Contact: http://www.iwirc.org/

Oct. 10-13, 2007
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     81st Annual National Conference of Bankruptcy Judges
        Contact: http://www.ncbj.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 11, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Winn Dixie Bankruptcy
        University Club, Jacksonville, Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 12, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Presentation by George F. Will: The Political Argument
Today
        Orlando, Florida
           Contact: www.ardent-services.com

Oct. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     ABI Educational Program at NCBJ
        Orlando World Marriott, Orlando, Florida
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 16-19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Copley Place
           Boston, Massachussets
              Contact: 312-578-6900; http://www.turnaround.org/

Oct. 23, 2007
  BEARD AUDIO CONFERENCES
     Partnerships in Bankruptcy
        Contact: 240-629-3300;
http://www.beardaudioconferences.com/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Capital Markets Case Study
        Seattle, Washington
           Contact: http://www.turnaround.org/

Oct. 25, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Oct. 26, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     International Insolvency Symposium
        Hotel Adlon Kempinski, Berlin, Germany
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        Centre Club, Tampa, Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Oct. 30, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Crisis Communications With Employees, Vendors and Media
        Centre Club, Tampa, Florida
           Contact: http://www.turnaround.org/

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or www.turnaround.org

Nov. 1, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Breakfast
        TBD, Hackensack, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 12, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Consumer Bankruptcy Conference
        Marriott, Troy, Michigan
           Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Mixer
        McCormick & Schmick's, Las Vegas, Nevada
           Contact: 702-952-2480 or www.turnaround.org

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Aloha Airlines Story
        Bankers Club, Miami, Florida
           Contact: www.turnaround.org

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Australia 4th Annual Conference and Gala Dinner
         Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 14, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Dinner
        TBA, South Florida
           Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Portland Holiday Party
        University Club, Portland, Oregon
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 22, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Networking Mixer
        TBA, Vancouver, British Columbia
           Contact: 206-223-5495; http://www.turnaround.org/

Nov. 27, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Real Estate Panel
        Citrus Club, Orlando, Florida
           Contact: http://www.turnaround.org/

Nov. 29, 2007
  INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
     Holiday Gala
        Yale Club, New York, New York
           Contact: www.iwirc.org

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        TBD, New Jersey
           Contact: 908-575-7333; http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Special Speaker
        Hilton, Sydney, Australia
           Contact: http://www.turnaround.org/

Nov. 29, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Arizona Chapter Meeting
        Contact: http://www.turnaround.org/

Dec. 6, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Seattle Holiday Party
        Athletic Club, Seattle, Washington
           Contact: 206-223-5495; http://www.turnaround.org/

Dec. 6-8, 2007
  AMERICAN BANKRUPTCY INSTITUTE
     Winter Leadership Conference
        Westin Mission Hills Resort, Rancho Mirage, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or www.turnaround.org

Dec. 13, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     Holiday Extravaganza - TMA & CFA
        Georgia Aquarium, Atlanta, Georgia
           Contact: 678-795-8103 or www.turnaround.org

Dec. 19, 2007
  TURNAROUND MANAGEMENT ASSOCIATION
     South Florida Dinner
        TBA, South Florida
           Contact: 561-882-1331; http://www.turnaround.org/

Jan. 10, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon
        University Club, Jacksonville, Florida

Feb. 7, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     Breakfast Event
        Carnelian Room, San Francisco, California
           Contact: 510-346-6000 ext 226 or www.turnaround.org

Mar. 25-29, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Spring Conference
        Ritz Carlton Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

Apr. 3-6, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     26th Annual Spring Meeting
        The Renaissance, Washington, District of Columbia
           Contact: http://www.abiworld.org/

Apr. 25-27, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Spring Seminar
        Eldorado Hotel & Spa, Santa Fe, New Mexico
           Contact: http://www.nabt.com/

May 1-2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     Debt Symposium
        Hilton Garden Inn, Champagne/Urbana, Illinois
           Contact: 1-703-739-0800; http://www.abiworld.org/

June 4-7, 2008
  ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
     24th Annual Bankruptcy & Restructuring Conference
        J.W. Marriott Spa and Resort, Las Vegas, Nevada
           Contact: http://www.airacira.org/

June 12-14, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     15th Annual Central States Bankruptcy Workshop
        Grand Traverse Resort and Spa, Traverse City, Michigan
           Contact: http://www.abiworld.org/

July 10-13, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     16th Annual Northeast Bankruptcy Conference
        Ocean Edge Resort
           Brewster, Massachussets
              Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     4th Annual Mid-Atlantic Bankruptcy Workshop
        Hyatt Regency Chesapeake Bay
           Cambridge, Maryland
              Contact: http://www.abiworld.org/

Aug. 16-19, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     13th Annual Southeast Bankruptcy Workshop
        Ritz-Carlton, Amelia Island, Florida
           Contact: http://www.abiworld.org/

Aug. 20-24, 2008
  NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
     NABT Convention
        Captain Cook, Anchorage, Alaska
           Contact: http://www.nabt.com/

Sept. 24-27, 2008
  NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
     National Conference of Bankruptcy Judges
        Scottsdale, Arizona
           Contact: http://www.ncbj.org/

Oct. 28-31, 2008
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott New Orleans, Louisiana
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2008
  AMERICAN BANKRUPTCY INSTITUTE
     20th Annual Winter Leadership Conference
        Westin La Paloma Resort & Spa
           Tucson, Arizona
              Contact: http://www.abiworld.org/

May 7-10, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     27th Annual Spring Meeting
        Gaylord National Resort & Convention Center
           National Harbor, Maryland
              Contact: http://www.abiworld.org/

June 21-24, 2009
  INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
     BANKRUPTCY PROFESSIONALS
        8th International World Congress
           TBA
              Contact: http://www.insol.org/

Sept. 10-12, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     17th Annual Southwest Bankruptcy Conference
        Hyatt Regency Lake Tahoe, Incline Village, Nevada
           Contact: http://www.abiworld.org/

Oct. 5-9, 2009
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        Marriott Desert Ridge, Phoenix, Arizona
           Contact: 312-578-6900; http://www.turnaround.org/

Dec. 3-5, 2009
  AMERICAN BANKRUPTCY INSTITUTE
     21st Annual Winter Leadership Conference
        La Quinta Resort & Spa, La Quinta, California
           Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
  TURNAROUND MANAGEMENT ASSOCIATION
     TMA Annual Convention
        JW Marriott Grande Lakes, Orlando, Florida
           Contact: http://www.turnaround.org/

BEARD AUDIO CONFERENCES
  2006 BACPA Library  
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com;
              http://researcharchives.com/t/s?20fa

BEARD AUDIO CONFERENCES
  BAPCPA One Year On: Lessons Learned and Outlook
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Calpine's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changes to Cross-Border Insolvencies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Changing Roles & Responsibilities of Creditors' Committees
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Clash of the Titans -- Bankruptcy vs. IP Rights
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Coming Changes in Small Business Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Dana's Chapter 11 Filing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Deepening Insolvency - Widening Controversy: Current Risks,
     Latest Decisions
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Diagnosing Problems in Troubled Companies
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Claims Trading
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Market Opportunities
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Distressed Real Estate under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Employee Benefits and Executive Compensation under the New
     Code
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Equitable Subordination and Recharacterization
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Fundamentals of Corporate Bankruptcy and Restructuring
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Handling Complex Chapter 11
     Restructuring Issues  
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Healthcare Bankruptcy Reforms
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  High-Yield Opportunities in Distressed Investing
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Homestead Exemptions under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Hospitals in Crisis: The Insolvency Crisis Plaguing
     Hospitals Across the U.S.
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  IP Rights In Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  KERPs and Bonuses under BAPCPA
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Partnerships in Bankruptcy: Unwinding The Deal
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Privacy Rights, Protections & Pitfalls in Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Real Estate Bankruptcy
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Reverse Mergers-the New IPO?
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Second Lien Financings and Intercreditor Agreements
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Surviving the Digital Deluge: Best Practices in E-Discovery
     and Records Management for Bankruptcy Practitioners
        and Litigators
           Audio Conference Recording
              Contact: 240-629-3300;
                 http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Technology as a Competitive Advantage For Today's Legal
Processes
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Twenty-Day Claims  
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  Validating Distressed Security Portfolios: Year-End Price
     Validation and Risk Assessment
        Audio Conference Recording
           Contact: 240-629-3300;
              http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
  When Tenants File -- A Landlord's BAPCPA Survival Guide
     Audio Conference Recording
        Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via e-mail
to conferences@bankrupt.com are encouraged.


                        ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Marjorie C. Sabijon, Sheryl Joy P. Olano, Rizande
de los Santos, and Christian Toledo, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each.  For
subscription information, contact Christopher Beard at
240/629-3300.


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